GST tax on Recovery Agent Services
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What is Goods and Service Tax slab rate Banking company recovery agent service? GST expenses for Financial institution recovery agent service?
The details about GST rate changes for Recovery Agent Services are being updated here. The notification changes on exemptions for GST for Recovery Agent Services and other circulars related to GST for Recovery Agent Services are updated in this website.
Banking company has the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934). (Section 65(11) of Finance Act, 1994 as amended) Financial institution has the meaning assigned to it in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934). (Section 65(45) of Finance Act, 1994 as amended) Non-banking financial company has the meaning assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934). (Section 65(74) of Finance Act, 1994 as amended)
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.
The exempted categories under Non-banking financial company recovery agent service is being published by GST authorities soon, where no GST is payable for such categories of service. You may read GST exemption list of services, once published.
The above information is about GST rate for Recovery Agent Services. This post is being updated with latest changes in GST rate for Non-banking financial company recovery agent service, update on latest GST notification on Financial institution recovery agent service and amendments related to GST on Banking company recovery agent service.
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Indian GST charges on Banking company recovery agent service
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Total GST charges on Non-banking financial company recovery agent service