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TMI BlogGST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company.X X X X Extracts X X X X X X X X Extracts X X X X ..... C Circular(s)/ADM-8 Mumbai dated 01 st Jan, 2019. Trade Circular (GST) No. 05T of 2019. To, . .. Subject: GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company. Sir / Gentlemen/ Madam, 1. Representations have been received in the Board seeking clarification on followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... / fee to the BC, the rate and quantum of which may be reviewed periodically. The agreement of banks with the BC specifically prohibits them from directly charging any fee to the customers 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 arra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the scope of services by BF/ BC to a banking company with respect to accounts in rural areas: It has also been requested that the scope of exemption to services provided in relation to accounts in its rural area branch vide entry at Sr. No. 39 of Notification No. 12/2017- State Tax (Rate) dated 29th June 2017 be clarified. This clarification has been requested as the exemption from tax on serv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of RBI guidelines in this regard should be accepted. 4. Difficulty, if any, in implementation of this Circular may be brought to the notice of the office of the Commissioner of State Tax, Maharashtra State. Yours Faithfully, (Rajiv Jalota) Commissioner of State Tax, (GST) Maharashtra State, Mumbai. No. JC (HQ)-1/GST/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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