We are pleased to release our GST newsflash, highlighting certain clarifications provided by the Central Government in relation to Banking Sector, as under:
· Clarifications on time of supply and place of supply in different scenarios.
· Clarifications on Certain Input Tax credit related provisions and rules thereto in different situations.
· Clarifications on applicability of GST on Interest charged for delayed payment of EMI.
· Clarifications on applicability of GST on Finance Lease.
· Clarifications on certain other procedural aspects in relation to the said sector.