GST rate for Banking and other financial services

GST rate on Banking and other financial services

 

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How much GST for transfer of money services?  GST for telegraphic transfer services?  Percentage of GST applicable for mail transfer services?  GST for services to provide bank guarantee, overdraft facility?  Is GST payable for bill discounting facility service,  Any GST for safe deposit locker services ?  Is GST exempted for safe vaults services?  What is the GST for operation of bank account service

 

The details about GST rate changes for Banking and other financial services are being updated here. The notification changes on exemptions for GST for sale of Banking and other financial services and other circulars related to GST for Banking and other financial services are updated in this website.


"Banking and Other Financial Services" means -

(a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate or [commercial concern]*, namely :-
(i) financial leasing services including equipment leasing and hire-purchase;
Explanation.-For the purposes of this item, "financial leasing" means a lease transaction where-
GST rate for Banking and other financial services(i) contract for lease is entered into between parties for leasing of a specific asset;
(ii) such contract is for use and occupation of the asset by the lessee;
(iii) the lease payment is calculated so as to cover the full cost of the asset together with the interest charges; and
(iv) the lessee is entitled to own, or has the option to own, the asset at the end of the lease period after making the lease payment;

 

(ii) Omitted
(iii) merchant banking services;
(iv) securities and foreign exchange (forex) broking, and purchase or sale of foreign currency, including money changing;
(v) asset management including portfolio management, all forms of fund management, pension fund management, custodial, depository and trust services.
(vi) advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers and acquisitions and advice on corporate restructuring and strategy;
(vii) provision and transfer of information and data processing; and
(viii) banker to an issue services; and
(ix) other financial services, namely, lending, issue of pay order, demand draft, cheque, letter of credit and bill of exchange, transfer of money including telegraphic transfer, mail transfer and electronic transfer, providing bank guarantee, overdraft facility, bill discounting facility, safe deposit locker, safe vaults, operation of bank accounts;";
(b) foreign exchange broking and purchase or sale of foreign currency including money changing provided by a foreign exchange broker or and authorised dealer in foreign exchange or an authorised money changer, other than those covered under sub-clause (a


Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.

 

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GST expenses on Banking company services
Total GST charges on Services provided by Non-banking financial company
GST slab on Merchant banking services
Rate of GST slab on Services provided by corporate body
Slab GST on securities and foreign exchange broker services
Total tax on GST on advisory and other auxiliary financial services
Amount of GST to be paid on asset management services
Is GST exempted on Equipment leasing services
What is the GST on Hire-purchase services?
Rate of GST applicable on Financial leasing of contract
Is GST payable on Financial lease for occupation of asset?
Percentage of GST applicable on Merchant banking services
GST on Securities and Forex banking services
Any exemption of GST on Purchase of Foreign Currency services
GST on Sale of Foreign Currency services
Any GST payable on Money changing services
Tariff rate of GST on fund management services
Is GST payable on pension fund management services
Rate of GST on custodial services
How much GST on depository and trust services.
Any exemption of GST on investment and portfolio research and advice
Rate of GST on advice on mergers services
GST on services on acquisitions and advice on corporate restructuring and strategy
Rate of GST on transfer of information and data processing services
GST payable on lending service
Tariff slab rate of GST on issue of pay order service
GST on banking services like issue of demand draft, cheque, letter of credit and bill of exchange


Comments


mahitosh pandit: there was a provision of cenvat credit in case of service tax, whether in GST there is any provision of cenvat type facility - kindly enlight

Shinde Bhaskar Yadavrao: In bank GST on Daily collection commissions yes /no

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