Here is the some very important effects of GST on banking sector you must know, also effects on financial services, funds here described in details:
- Complications in Registering Branches: Now there is no centralized registration for banks like it is before now it is state wise registration for branches. So filling return is very complicated as it is state wise now.
- Trouble in Financial services with linked accounts: Now there is a location issue like for financial services location is the place of supply. But if the location varies from different different places than it cause troubles like in different states.
- Trouble in Financial services with non linked accounts: The same problem arise here also like if there is a firm have all over india location than how to finance for that particular firm.
- Trouble in Actionable claims: Before GST actionable claims would not considered as service means non Taxable but in GST it acts as a supply of chain means totally taxable.
As GST brings lots of challenges in banking sector also in Financial services, now bank have to handle very branch very seriously with all kinds of returns filling not like before as operated from centralized main branch. This causes lot of IT project to enter in the sector to handle huge amount of data with in branches also from center.
Here are some of the best gst software in market choose for your business now:
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