CBIC clarifies on GST applicability on services of Business Facilitator/Correspondent to Banking Company

CBIC clarifies that the banking company is liable to pay GST on the entire value of service charge or fee charged to customers whether or not received via business facilitator (BF) or business correspondent (BC); Explains that in the BF or BC model operated by a banking company as per RBI guidelines, the banking company is service provider, responsible to the customer for acts of omission and commission of the BF/BC; Further, clarifies that for purpose of availing exemption f...