CBIC’s Clarification on Place of Supply Applicable for Custodial Services Provided by Banks to Foreign Portfolio Investors
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- By Chetan Kulasri
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- Last Updated on 28 June, 2024
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Circular No.220/14/2024-GST dated June 26th, 2024
The CBIC has clarified that the custodial services provided by banks or financial institutions to FPIs are not to be treated as services provided to ‘account holder’ and therefore, the said services are not covered under Section 13(8)(a) of the IGST Act. Therefore, the place of supply of such services has to be determined as per sub-section (2) of section 13 of the IGST Act.
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