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of <h1>Finance Ministry Clarifies GST Supply Rules for Custodial Services to FPIs; Applies Section 13(2) IGST Act Instead of 13(8)(a.</h1> The circular issued by the Ministry of Finance clarifies the place of supply for custodial services provided by banks to Foreign Portfolio Investors (FPIs) under the GST framework. It states that these services should not be treated as services provided to 'account holders' under Section 13(8)(a) of the IGST Act. Instead, the place of supply should be determined by the default rule under Section 13(2) of the IGST Act, aligning with previous interpretations under the Service Tax regime. This clarification aims to ensure uniformity in law implementation across different field formations.
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