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

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..... ellip;……………………………………………. Subject: GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company. Representations have been received seeking clarification on following two issues: (i) What is the value to be adopted for the purpose of computin .....

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..... ed 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 working day, and all agreem .....

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..... No. 39 of Notification No. F. 12(56)FD/Tax/2017-Pt-I-50 dated 29.06.2017 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 clarified that for the purpose of availing exemption from GST under Sl. No. 39 of said notification, the conditions flowing f .....

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