GST scope for financial services: securities and interest exempt, fees and service charges remain taxable under sector-specific rules.

Clarifies GST treatment for banking, insurance and stock broking: instruments defined as money or securities (including derivatives, repos, CPs, CDs, securitised assets) fall outside GST scope, while fees, commissions, service charges and documentation charges are taxable. Place and time of supply rules are applied sector-specifically (recipient location on supplier records for banking services; intermediary/account-holder rules under IGST). Input tax credit, ISD allocation, 50% reversal option, valuation, invoicing and cross-border reverse charge/self-invoice obligations are governed by specified CGST/IGST provisions and transitional rules.

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