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of <h1>GST on Banking Services: Banks to Pay GST on Fees via Business Facilitators or Correspondents; Rural Services May Be Exempt.</h1> The circular addresses the Goods and Services Tax (GST) implications on services provided by Business Facilitators (BF) or Business Correspondents (BC) to banking companies. It clarifies that the banking company is responsible for paying GST on the entire service charge or fee charged to customers, regardless of whether it is received through BF or BC, as per RBI guidelines. Additionally, it explains the GST exemption for services related to accounts in rural area branches, specifying that such services must fall under Heading 9971 and comply with RBI guidelines for classification as rural. Any implementation issues should be reported to the Maharashtra State Tax Commissioner.
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