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Banking Sector- GST Implications

The Banking Sector including NBFC plays an important role in economic development of the country. The Goods and Services Tax (GST) has specific implications for the banking and financial services sector. In this article we will discuss the GST provisions which are applicable for banking sectors, exemptions available for certain services provided by banks, RCM & Place supply provisions applicable on banking services. .................... Read More

Interest Paid for Delayed Payment- GST Leviability

Now a days, the suppliers have adopted a practice to recover interest, penalty or similar charges from the recipient for delayed payment of the consideration in respect to their supplies. For example, Mr. A has supplied the goods to Mr. B and as per the agreement if the payment is not made with in 90 days then Mr. B has to pay late payment charges to Mr. A. Similarly, in case any loan is obtained from the lender................ Read More