POS - Services in relation to Banking and financial services (Where either the supplier or the recipient is located outside India) [ Section 13(8)(a) of IGST Act ]
Place of Supply
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Place of supply for banking services is supplier location for account-holder services, but custodial services to FPIs follow general rules. The place of supply for services by banking companies, financial institutions and non-banking financial companies to account holders is the location of ... Summary
Place of supply for banking services is supplier location for account-holder services, but custodial services to FPIs follow general rules.
The place of supply for services by banking companies, financial institutions and non-banking financial companies to account holders is the location of the supplier; services not provided to account holders fall under the general place-of-supply rule. Custodial services to foreign portfolio investors are not treated as services to account holders and therefore their place of supply must be determined under the default general provision. Examples confirm supplier-location treatment and that such supplier-located services to recipients abroad are not exports.
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