Heading 9971 (Financial and related services)
Services – Rates of Tax
GST
15
\nHeading 9971
\n(Financial and related services)
\n\t148[(i) *
\n\t**
\n\t*]
\n(ii) Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration.
\nSame rate of integrated tax as on supply of like goods involving transfer of title in goods
\n–
\n(iii) Any transfer of right in goods or of undivided share in goods without the transfer of title thereof.
\nSame rate of integrated tax as on supply of like goods involving transfer of title in goods
\n–
\n102[**
\n*
\n*]
\n25[(v) Leasing of motor vehicles purchased and leased prior to 1st July 2017;
\n65 per cent. of the rate of integrated tax as applicable on supply of like goods involving transfer of title in goods.
\nNote:- Nothing contained in this entry shall apply on or after 1st July, 2020.
\n–
\n69[(vi) Service of third party insurance of “goods carriage”
\n189[5]
\n–
\n(vii) Finan<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n title in goods. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y 2017; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \n– = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n t was read as, = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n shed time table or with flights so regular or frequent that they constitute a recognisable systematic series, each flight being open to use by members of the public; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of section 2 of the Chit Funds Act, 1982 (40 of 1982). = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Heading 9971 (Financial and related services)Services – Rates of TaxGST15 Heading 9971 (Financial and related services) 148[(i) * ** *] (ii) Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration. Same rate of integrated tax as on supply … Continue reading “Heading 9971 (Financial and related services)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-5750","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5750"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5750\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nNote:- Nothing contained in this entry shall apply on or after 1st July, 2020.
\n–
\n69[(vi) Service of third party insurance of “goods carriage”
\n12
\n–
\n(vii) Financial and related services other than 149[****] (ii), (iii) 103[***], (v), and (vi) above.
\n18
\n-]]
\n*************
\nNotes:
\nAs amended vide Notification No. 3\/2022-Integrated Tax (Rate) dated 13.7.2022 w.e.f. 18.7.2022, before it was read as,
\n15
\nHeading 9971
\n(Financial and related services)
\n(i) Services provided by a foreman of a chit fund in relation to chit.
\nExplanation.- (a) “chit” means a transaction whether called chit, chit fund, chitty, kuri, or by whatever name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each subscriber shall, in his turn, as determined by lot or b<\/p>\n
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\n65 per cent. of the rate of integrated tax as applicable on supply of like goods involving transfer of title in goods.
\nNote:- Nothing contained in this entry shall apply on or after 1st July, 2020.
\n–
\n69[(vi) Service of third party insurance of “goods carriage”
\n12
\n–
\n(vii) Financial and related services other than (i), (ii), (iii) 103[***], (v), and (vi) above.
\n18
\n-]]
\n
\nClarification
\n * Clarification regarding taxability of supply of securities under Securities Lending Scheme, 1997. [ Circular No. 119\/38\/2019-GST dated 11.10.2019 ]
\n
\n*************
\nNotes:
\nAs Amended vide Notification No. 19\/2019-Integrated Tax (Rate) dated 30-09-2019 w.e.f. 1-10-2019, before it was read as,
\n15
\nHeading 9971
\n(Financial and related services)
\n(i) Services provided by a foreman of a chit fund in relation to chit.
\nExplanation.- (a) “chit” means a transaction whether called chit, chit fund, chitty, kuri, or by whatever name by or under which a pers<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(iii) Any transfer of right in goods or of undivided share in goods without the transfer of title thereof.
\nSame rate of integrated tax as on supply of like goods involving transfer of title in goods
\n–
\n(iv) Leasing of aircrafts by an operator for operating scheduled air transport service or scheduled air cargo service by way of transaction covered by clause (f) paragraph 5 of Schedule II of the Central Goods and Services Act, 2017.
\nExplanation.-
\n(a) “operator” means a person, organisation or enterprise engaged in or offering to engage in aircraft operations;
\n(b) “scheduled air transport service” means an air transport service undertaken between the same two or more places operated according to a published time table or with flights so regular or frequent that they constitute a recognisable systematic series, each flight being open to use by members of the public;
\n(c) “scheduled air cargo service” means air transportation of cargo or mail on a scheduled basis according to a pu<\/p>\n
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\n15
\nHeading 9971
\n(Financial and related services)
\n(i) Services provided by a foreman of a chit fund in relation to chit.
\nExplanation.- (a) “chit” means a transaction whether called chit, chit fund, chitty, kuri, or by whatever name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to a prize amount;
\n(b) “foreman of a chit fund” shall have the same meaning as is assigned to the expression “foreman” in clause (j) of section 2 of the Chit Funds Act, 1982 (40 of 1982).
\n12
\nProvided that credit of input tax charged on goods used in supplying the service has not been taken
\n[Please refe<\/p>\n
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\n(c) “scheduled air cargo service” means air transportation of cargo or mail on a scheduled basis according to a published time table or with flights so regular or frequent that they constitute a recognisably systematic series, not open to use by passengers.
\n5
\nProvided that credit of input tax charged on goods used in supplying the service has not been taken
\nExplanation: This condition will not apply where the supplier of the leasing service is located in non-taxable territory.
\n[Please refer to Explanation no. (iv)]
\n25[(v) Leasing of motor vehicles purchased and leased prior to 1st July 2017;
\n65 per cent. of the rate of integrated tax as applicable on supply of like goods involving transfer of title in goods.
\nNote:- Nothing contained in this entry shall apply on or after 1st July, 2020.
\n–
\n(vi) Financial and relate<\/p>\n
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\n12
\nProvided that credit of input tax charged on goods used in supplying the service has not been taken
\n[Please refer to Explanation no. (iv)]
\n(ii) Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration.
\nSame rate of integrated tax as on supply of like goods involving transfer of title in goods
\n–
\n(iii) Any transfer of right in goods or of undivided share in goods without the transfer of title thereof.
\nSame rate of integrated tax as on supply of like goods involving transfer of title in goods
\n–
\n(iv) Leasing of aircrafts by an operator for operating scheduled air transport service or scheduled air cargo service by way of transaction covered by clause (f) paragraph 5 of Schedule II of the Central Goods and Services Act, 2017.
\nExplanation.-
\n(a) “operator” means a person, organisation or enterprise engaged in <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n