Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services supplied by individual Direct Selling Agents (DSAs) to banks/ non-banking financial company (NBFCs) to be taxed under Reverse Charge Mechanism (RCM) vide Notification No. 16/2018-Integrated Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018.
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi
Notification No. 16/2018-Integrated Tax (Rate), Dated: 26th July, 2018
G.S.R. 684(E).- In exercise of the powers conferred by sub-section (3) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), notification No. 10/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 685(E), dated the 28th June, 2017, namely:-
In the said notification, ‑
(i) in the Table, after serial number 12 and the entries relating thereto, the following serial number and entries shall be inserted, namely: –
| (1) | (2) | (3) | (4) |
| “13 | Services supplied by individual Direct Selling Agents (DSAs) other than a body corporate, partnership or limited liability partnership firm to bank or non-banking financial company (NBFCs) |
Individual Direct Selling Agents (DSAs) other than a body corporate, partnership or limited liability partnership firm. |
A banking company or a non-banking financial company, located in the taxable territory.”; |
(ii) in the Explanation, after clause (f), the following clause shall be inserted, namely: –
`(g) “renting of immovable property” means allowing, permitting or granting access, entry, occupation, use or any such facility, wholly or partly, in an immovable property, with or without the transfer of possession or control of the said immovable property and includes letting, leasing, licensing or other similar arrangements in respect of immovable property.’.
2. This notification shall come into force with effect from 27th of July, 2018.
[F. No. 354/13/2018- TRU]
(Gunjan Kumar Verma)
Under Secretary to the Government of India
Note: -The principal notification No. 10/2017- Integrated Tax (Rate), dated the 28th June, 2017 was published in the Gazette of India, Extraordinary, vide number G.S.R. 685 (E), dated the 28th June, 2017 and was last amended by notification No. 3/2018 – Integrated Tax (Rate), dated the 25th January, 2018 vide number G.S.R. 71 (E), dated the 25th January, 2018.
A Cost accountant can be dsa agent of bank
In this scenario, i have observed that the gst tax on individual DSA agent is not required to pay any gst in his return filing, but he needs to issue the bill to the bank with the mention of ” GST WILL BE PAID BY THE BANK ITSELF” and also put “RCM APPLIED”. In the GST return filing you do not show anything in GSTR 1 and it should be nil, but in 3B return you just show in inward supplies (liable to reverse charge) and another side you show in ITC Columns input under reverse charges. This will be adjusted automatically. Thank you
Sir,
I am a individual direct selling agent supplying services to Banks , i want to know that after this notification dated 26-07-18 , should i have to raise bill to bank without charging GST as I am GST registered Individual & how i have to file GSR1 & GSR3B.
Bank will directly pay GST amount on my supplies of services to GST department instead of paying to me.
and i do not have to pay any GST amount to government on my receipts of Services.
Thank You
Sir,
I am a individual direct selling agent supplying services to Banks , i want to know that after this notification dated 26-07-18 , should i have to raise bill to bank without charging GST as I am GST registered Individual & how i have to file GSR1 & GSR3B.
Bank will directly pay GST amount on my supplies of services to GST department insted of paying to me.
and i do not have to pay any GST amount to government on my receipts of Services.
Thank You
I have DSA of Credit Card for HDFC bank, I have GST No. & nil return submitted, now I have to raise the Invoice to sub DSA, than what considered the services, what is HSN Code & what GST Rate applicable…. Is it RCM….. Pl. guide to me…Thanks
Sir,
I am a individual direct selling agent supplying services to Banks , i want to know that after this notification dated 26-07-18 , should i have to raise bill to bank without charging GST as I am GST registered Individual & how i have to file GSR1 & GSR3B.
Bank will directly pay GST amount on my supplies of services to GST department insted of paying to me.
and i do not have to pay any GST amount to government on my receipts of Services.
And In which collum i have to Writte amount in GSTR3B
(a) Outward taxable supplies (other than zero rated, nil rated and exempted)
(b) Outward taxable supplies (zero rated )
(c) Other outward supplies (Nil rated, exempted)
(d) Inward supplies (liable to reverse charge)
(e) Non-GST outward supplies
???????
Thank You
Sir,
I am a individual direct selling agent supplying services to Banks , i want to know that after this notification dated 26-07-18 , should i have to raise bill to bank without charging GST as I am GST registered Individual & how i have to file GSR1 & GSR3B.
Bank will directly pay GST amount on my supplies of services to GST department insted of paying to me.
and i do not have to pay any GST amount to government on my receipts of Services.
Thank You
Sir,
I am a individual direct selling agent supplying services to Banks , i want to know that after this notification dated 26-07-18 , should i have to pay GST on same after this period and if not then should i have to file the return monthly and quarterly ?