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of <h1>Clarification on GST Liabilities for Banking Companies Using Business Facilitators and Correspondents; Rural Exemption Conditions Explained.</h1> The circular addresses GST concerns regarding services provided by Business Facilitators (BF) or Business Correspondents (BC) to banking companies. It clarifies that the banking company is the service provider and is liable for GST on the total service charges, irrespective of whether these charges are collected through BF/BC. Additionally, it explains that GST exemption for services related to rural branch accounts, as per Notification No. 12/2017, applies only if the services meet specific conditions under Heading 9971 and are related to rural area accounts, following RBI guidelines. Any difficulties in implementing these instructions should be reported to the office.
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