RSM India

GST Council releases FAQs on Banking Sector

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.

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