CBIC Circular on Place of Supply for Custodial Services to FPIs – GST Clarification 2024

CBIC Circular on Place of Supply for Custodial Services to FPIs – GST Clarification 2024

CBIC has issued Circular No. 220/14/2024-GST dated June 26, 2024, addressing the place of supply rules applicable to custodial services provided by banks to Foreign Portfolio Investors (FPIs).

The Circular responds to concerns raised regarding conflicting interpretations on the place of supply for custodial services. Some field formations considered these services under Section 13(8)(a) of the IGST Act, linking them to the location of the service provider (banks or financial institutions).

Key clarifications provided include:

The Circular aims to standardize the interpretation and application of GST provisions across different field formations. It recommends dissemination through appropriate trade notices for wider understanding and compliance.

For detailed information, refer to the Circular here

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