POS - Services in relation to Banking and other financial services (within India) [Section 12(12) of IGST Act ] - GST Ready Reckoner - GST

Determination of supply of Services in relation to Banking and other financial services Services in relation to Banking and other financial services. [Section 12(12) of CGST Act 2017] S. No. Nature of Supply of services Place of Supply 1. Banking and other financial services, including stock broking services to any person. Location of the recipient of services on the records of the supplier of services. If Location of the recipient of services is not available in the records of supplier, then location of supplier of services. Examples:- Example 1 :- Mr. Bholu, a resident of New Delhi, opens his saving account in New Delhi branch of Jandhan bank. he goes to Amritsar for some official work and withdrawal money from Jandhan bank ATM in Amritsar. In this case, the place of supply is the location of the recipient of services in the records of supplier of services i.e. New Delhi Example 2:- Mr. Ramesh, a resident of Ghaziabad, Uttar Pradesh, opens his saving account in Ghaziabad branch of SVC bank. he goes to Gurugram, Haryana for some official work and withdrawal money from Jandhan bank ATM in Gurugram, Haryana. In this case, the place of supply is the location of the recipient of services is not in the the records of supplier of services then location of supplier of services. i.e. Gurugram,Haryana. Example 3:- Mr. A, a registered person at Ranchi Jharkhand, buys shares from a stock broker C in Mumbai and location of recipient of services is recorded in the supplier of services. In this case, Place of supply is the address of Mr. A in the records of Mr. C , which is Ranchi, Jharkhand.