GST on Services of Business Facilitator (BF) or a Business Correspondent(BC) to Banking Company.

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..... ner of State Tax, Edupugallu,Vijayawada Circular No. 11/2019/GST CCTs Ref.in CCW/GST/74/2015 Dt. 31.01.2019 Subject: GST on Services of Business Facilitator (BF) or a Business Correspondent(BC) to Banking Company- reg. Representations have been received seeking clarification on following two issues: (i) What is the value to be adopted for the purpose of .....

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..... mers for services rendered by them on behalf of the bank. On the other hand, banks (and not BCS) are permitted to collect reasonable service charges from the customers for such service in a transparent manner. The arrangements of banks with the Business Correspondents specify the requirement that the transactions are accounted for and reflected in the bank's books by end of the day or the next .....

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..... s in its rural area branch vide Sl. No. 39 of G.O.Ms.No.588, Revenue (Commercial Taxes-Il), 12th December, 2017 {corresponding Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017} be clarified. This clarification has been requested as the exemption from tax on services provided by BF/BC is dependent on the meaning of the expression accounts in its rural area branch . 3.1 It is clari .....

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