Import of Service

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..... Parent / Sister Concern of XYZ is giving a Bank Guarantee of the foreign bank to the foreign customer on behalf of XYZ. This bank guarantee is towards any damage / defects to the product exported by X .....

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..... YZ. The foreign bank is charging certain charges on monthly basis against this bank guarantee to the Parent / Sister Concern of XYZ. The Parent / Sister Concern is paying the same to the foreign bank .....

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..... and recovering from XYZ on monthly basis. Is XYZ required to pay GST on it as import of service? - Reply By Shilpi Jain - The Reply = It would be an import of service by the parent/sister concern of .....

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..... XYZ. ITC can be availed of this and charged back to XYZ who can then claim refund - Reply By Rajagopalan Ranganathan - The Reply = Sir, A foreign bank providing service from outside India cannot b .....

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..... e 'banking company' according to Section 45 A of Reserve Bank of India Act, 1934. hence general provision of place of supply of service will apply, that is, location of recipient of service w .....

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..... ill be place of supply. Therefore XYZ receives the service through parent/ sister concern of XYZ XYZ is liable to pay gst under RCM and XYZ can take ITC of the same. - Import of Service - Query St .....

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..... arted By: - Kaustubh Karandikar Dated:- 25-9-2019 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management .....

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..... India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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