Determine the place of supply according to IGST Act, 2017 in the following independent cases: (iv) Baldev, a resident of Jaipur, opens his saving account in Jaipur branch of a nationalized Bank after undergoing the KYC p
CS Professional · Advanced Tax Laws · PYQS · December 2022
Determine the place of supply according to IGST Act, 2017 in the following independent cases: (iv) Baldev, a resident of Jaipur, opens his saving account in Jaipur branch of a nationalized Bank after undergoing the KYC process. He goes to Amritsar (Punjab) for some official work and withdraws money from Bank's ATM in Amritsar thereby crossing his limit of free ATM withdrawals.
Answer & Explanation:
As per section 12(12) of the Integrated Goods and Services Tax (IGST) Act 2017, the place of supply of banking and other financial services, to any person is the location of the recipient of services in the records of the supplier of services. Thus, in the given case the place of supply is the location of the recipient of services in the records of the supplier bank, i.e. Jaipur (Rajasthan.)
Topics: GST
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