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of <h1>GST Clarification: Banking Companies Liable for GST on Services via Facilitators or Correspondents, Subject to Exemptions.</h1> The circular addresses GST applicability on services provided by Business Facilitators (BF) or Business Correspondents (BC) to banking companies. It clarifies that the banking company is the service provider and liable for GST on service charges or fees, regardless of whether these are received through BFs or BCs. The circular also explains that GST exemption for services related to rural branch accounts is contingent upon meeting conditions specified in Notification No. 12/2017. The classification of a branch as rural, and the services provided, should align with RBI guidelines. Any implementation issues should be reported to the Commissioner of Taxes.
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