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of <h1>GST Clarification: Banks Liable for GST on Business Facilitators' Services; Rural Branch Exemptions Under Heading 9971.</h1> The circular clarifies the application of GST on services provided by Business Facilitators (BF) or Business Correspondents (BC) to banking companies. It states that banks are responsible for paying GST on service charges collected from customers, as per RBI guidelines. The BF/BC cannot charge customers directly, and banks must account for transactions promptly. Regarding GST exemptions for services related to rural branch accounts, the circular specifies that such services must fall under Heading 9971 and be associated with rural branches as defined by RBI guidelines. The classification by banks per RBI guidelines should be accepted for GST exemption purposes.
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