Custodial services place of supply for Foreign Portfolio Investors falls under the default IGST rule, not account-holder treatment. Custodial services provided by banks or financial institutions to Foreign Portfolio Investors are not treated as services supplied to an account holder under section 13(8)(a) of the IGST Act. Such services, which include safekeeping of securities, maintenance of securities accounts, collection of benefits or rights, communication of issuer actions, and record maintenance, must therefore have their place of supply determined under the default rule in section 13(2) of the IGST Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Custodial services place of supply for Foreign Portfolio Investors falls under the default IGST rule, not account-holder treatment.
Custodial services provided by banks or financial institutions to Foreign Portfolio Investors are not treated as services supplied to an account holder under section 13(8)(a) of the IGST Act. Such services, which include safekeeping of securities, maintenance of securities accounts, collection of benefits or rights, communication of issuer actions, and record maintenance, must therefore have their place of supply determined under the default rule in section 13(2) of the IGST Act.
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