- Circular No. 220/14/2024-GST clarifies GST rules on place of supply for custodial services provided by banks to FPIs
- Specifies securities FPIs can invest in
- Place of supply for services by banking companies to account holders is location of supplier
- Banks’ main activity as custodians is maintaining account of securities held by FPIs
- Custodial services to FPIs by banks or financial institutions not considered account holder services under IGST Act Section 13(8)(a)
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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