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Financial Services (16)
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Whether Banks are required to capture the details of ATMs in registration certificate as a ‘place of business’?

No

As per RBI guidelines, Banks can use third party ATMs, Business Correspondents (BC), Customer Service Points (CSP) or third party warehouses. Are Banks required to include these third party places also in their GST registration

No

What will be the time of supply in respect of services rendered upto 30th June, 2017 where the invoices are raised or payments are received after 30th June, 2017?

Where the services are rendered up to 30th

Which tax is to be applied by the service provider on invoice issued on or after 1st July 2017 for services rendered up to 30th June 2017?

The time of supply is the issuance of invoice under the CGST Act, 2017

Is it necessary for Banks / insurers to report the details of exempt and non-GST supplies in Table 8 of GSTR-1

Yes

Is it necessary for Banks / insurers to report the details of invoices in Table 13 of GSTR-1?

Rule 54(2) of the CGST Rules, 2017 provides that in case of an insurer or a banking company

It is envisaged that many customers may not provide the GSTIN to the Banks in time. In such cases thereturns filed by it. Later, in case the customer reverts with the GSTIN, how should this amendment be reflected? Banks / insurers would report the supply as B-to-C transactions in the

A transaction once reported

How should the turnover during the period from July 2017 to March 2018 be determined for the purposes of distribution of ISD credit?

As per the Explanation to Section 20 of the CGST Act, 2017

Is the condition to make payment for the value of supply plus the GST thereon required to be complied with by the recipient to claim the input tax credit where supplies for services are made between distinct persons?

No

A customer may avail numerous services from the Bank / insurer in a given taxable period. Is it mandatory for Banks to issue a tax invoice for each transaction or can the Bank issue a consolidated invoice for the service rendered during the tax period?

As per the provisions contained in the first proviso to Rule 47 of the CGST Rules, 2017

When a banking company is not required to serially number its invoices / document for supply of its services, how will the service recipient get credit for GST on the services provided by the bank?

Under Rule 54(2) of the CGST Rules, 2017 a banking company or a financial institution including a NBFC

Is the registered person procuring goods or services from a supplier outside India required to raise a s GSTR returns? elf-invoice, debit note or credit note in respect of the price or value of services and adjustments thereto? When should the details of such transactions be reported in the

As per clause (f) of sub-section (3) of Section 31 of the CGST Act, 2017

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