{"id":13932,"date":"2018-08-30T05:47:15","date_gmt":"2018-08-30T05:47:15","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=13932"},"modified":"2026-04-07T17:17:31","modified_gmt":"2026-04-07T11:47:31","slug":"gst-on-nbfcs-in-india","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/gst-on-nbfcs-in-india\/","title":{"rendered":"GST On Non-Banking Finance Companies (NBFCs) in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-nbfcs-in-india\/#What_is_GST\" title=\"What is GST?\">What is GST?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-nbfcs-in-india\/#GST_on_NBFCs_in_India\" title=\"GST on NBFCs in India\">GST on NBFCs in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-nbfcs-in-india\/#Some_important_and_noticeable_points_in_GST_on_NBFCs\" title=\"Some important and noticeable points in GST on NBFCs\">Some important and noticeable points in GST on NBFCs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-nbfcs-in-india\/#ITC_Rule_%E2%80%93_3\" title=\"ITC Rule &#8211; 3\">ITC Rule &#8211; 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-nbfcs-in-india\/#Section_172_of_CGST_Act_2017\" title=\"Section 17(2) of CGST Act 2017\">Section 17(2) of CGST Act 2017<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-on-nbfcs-in-india\/#Section_174_of_CGST_Act_2017\" title=\"Section 17(4) of CGST Act 2017\">Section 17(4) of CGST Act 2017<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"What_is_GST\"><\/span>What is GST?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>GST is the one Indirect tax which has eliminated the other indirect taxes in India. GST Law is a comprehensive, multi-stage, destination-based tax in India that had been passed into parliament on 29th March 2017. But it\u00a0came into existence on 1st July 2017. It is levied on every value addition. In this <a href=\"https:\/\/www.legalraasta.com\/composition-scheme-gst\/\" target=\"_blank\" rel=\"noopener noreferrer\">regime of GST<\/a>, the tax will be imposed on every step of sale\u00a0whether it is intra-state sales, central GST or state GST. In the case of intra-state sales, GST will be integrated. This article will let you know how GST on <a href=\"https:\/\/www.legalraasta.com\/blog\/classification-of-nbfcs-in-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">NBFCs<\/a> is prevailing in Indian companies. If you want to <a href=\"https:\/\/www.legalraasta.com\/gst-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\">register GST<\/a> then click here:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"GST_on_NBFCs_in_India\"><\/span>GST on NBFCs in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are some provisions on <a href=\"https:\/\/www.legalraasta.com\/blog\/get-gst-registration-help-legalraasta\/\" target=\"_blank\" rel=\"noopener noreferrer\">NBFCs under GST<\/a> which are given below:<\/p>\n<ul>\n<li>Before GST the tax was 15% but after introducing GST it is now 18% as a GST rate for providing services.<\/li>\n<li>Before GST you used to obtain central\u00a0wise <a href=\"https:\/\/www.legalraasta.com\/gst-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\">GST registration<\/a> but now it is state wise.<\/li>\n<li>If inter-state supplies of services between same entity branches shall also attract IGST.<\/li>\n<li>The returns for each state is 37 and 61 returns in case of ISD and<a href=\"https:\/\/www.legalraasta.com\/blog\/file-tds-sale-property\/\" target=\"_blank\" rel=\"noopener noreferrer\"> TDS provision<\/a>, are applicable.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Some_important_and_noticeable_points_in_GST_on_NBFCs\"><\/span>Some important and noticeable points in GST on NBFCs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li><strong>Place of supply<\/strong>:\u00a0 The location of the supply of banking and other financial services such as stock broking services etc to any person must be the location of the recipient of services on the records of the supplier of services. It is provided in section12 (12) of IGST Act 2017 that if the location of a recipient of services is not on the records of the supplier then the place of supply shall be the location of the supplier of services.<\/li>\n<li><strong>Input credit tax<\/strong>: as per section 17 of CGST Act, there are two options available for input credit tax. Firstly, Every month 50% of the amount of eligible<a href=\"https:\/\/www.legalraasta.com\/blog\/know-input-tax-credit-itc\/\" target=\"_blank\" rel=\"noopener noreferrer\"> input tax credit<\/a> on inputs as well as capital goods can be availed. The rest amount shall be lapsed\u00a0as per Rule 3 of ITC. Secondly, take input tax as is attributable to the taxable supply only as per section 17(2) of CGST Act and rule 7 of <a href=\"https:\/\/www.legalraasta.com\/blog\/requirements-itc-refund-india-gst\/\" target=\"_blank\" rel=\"noopener noreferrer\">ITC<\/a>.<\/li>\n<\/ol>\n<p>For more details regarding GST on NBFCs, you can follow our <a href=\"https:\/\/www.legalraasta.com\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\">blog<\/a>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"ITC_Rule_%E2%80%93_3\"><\/span>ITC Rule &#8211; 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A <a href=\"https:\/\/www.legalraasta.com\/nbfc-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\">non-banking financial company<\/a> carrying on business in the supply of services by accepting deposits or extending loans shall not avail the credit of tax paid on inputs and inputs services that have been used for non-business purposes. Besides, it shall not be given a credit attributable to supplies specified in sub-section (5) of section 17 in form GSTR-2.<\/p>\n<p>The non-banking financial institution shall avail the credit of tax paid on inputs and services as per sub-section (4) of section 17. From the remaining amount of input tax, 50% shall be the input tax credit admissible for the company. It must be furnished in FORM GSTR-2. The amount mentioned in clauses (b) and (c) shall be credited to the electronic\u00a0credit ledger of the institution.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Section_172_of_CGST_Act_2017\"><\/span>Section 17(2) of CGST Act 2017<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The amount of\u00a0credit shall be restricted to so much of the input tax as is attributable to the said taxable supplies including zero-rated supplies,\u00a0Where the goods and services are used by the registered person partly for effecting taxable supplies including zero-rated supplies as prescribed under this Act.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Section_174_of_CGST_Act_2017\"><\/span>Section 17(4) of CGST Act 2017<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If a <a href=\"https:\/\/www.legalraasta.com\/nbfc-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\">non- banking financial institution<\/a> carrying on its business by accepting deposits and extending loans then it is provided under the provision of sub-section (2) that the option once\u00a0exercised shall not be withdrawn during the remaining part of the financial year.\u00a0Provided further that the restriction of 50% shall not apply to the tax paid on supplies which are made by one registered person to another registered person having the same Permanent Account Number(PAN).<\/p>\n<p>&nbsp;<\/p>\n<p>For further information regarding <a href=\"https:\/\/www.legalraasta.com\/gst-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\">GST Registration<\/a>, <a href=\"https:\/\/www.legalraasta.com\/gst-impact-on-startups\/\" target=\"_blank\" rel=\"noopener noreferrer\">GS<span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;GST impact on startups&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8403901,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;14&quot;:[null,2,0],&quot;15&quot;:&quot;Calibri, sans-serif&quot;,&quot;16&quot;:11,&quot;26&quot;:400}\">T impact on startups<\/span><\/a>\u00a0you can visit our website: <a href=\"https:\/\/www.legalraasta.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Legal Raasta<\/a><\/p>\n<p>you can send your query on Email: contact@legalraasta.com and give us a ring at <a href=\"tel:+918750048585\">+918750048585<\/a><\/p>\n<blockquote>\n<p>Related Articles:<\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/requirements-itc-refund-india-gst\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Requirements for ITC Refund in India under GST&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8403901,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;14&quot;:[null,2,0],&quot;15&quot;:&quot;Calibri, sans-serif&quot;,&quot;16&quot;:11,&quot;26&quot;:400}\">Requirements for ITC Refund in India under GST<\/span><\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/composition-scheme-gst\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Composition Scheme under GST&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8403901,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;14&quot;:[null,2,0],&quot;15&quot;:&quot;Calibri, sans-serif&quot;,&quot;16&quot;:11,&quot;26&quot;:400}\">Composition Scheme under GST<\/span><\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/gst-software-benefits-business\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;How GST Software Benefits your Business&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8403901,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;14&quot;:[null,2,0],&quot;15&quot;:&quot;Calibri, sans-serif&quot;,&quot;16&quot;:11,&quot;26&quot;:400}\">How GST Software Benefits your Business<\/span><\/a><\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is GST? GST is the one Indirect tax which has eliminated the other indirect taxes in India. GST Law is a comprehensive, multi-stage, destination-based tax in India that had been passed into parliament on 29th March 2017. But it\u00a0came into existence on 1st July 2017. It is levied on every value addition. In this regime [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":13935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141],"tags":[303,301,307,302],"class_list":["post-13932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nbfc","tag-goods-and-services-tax-on-nbfcs","tag-gst-on-nbfcs","tag-gst-on-nbfcs-in-india","tag-gst-on-non-banking-financial-institution"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GST on NBFCs in India |Online Learning | Legal Raasta |<\/title>\n<meta name=\"description\" content=\"In this regime of GST, the tax will be imposed on every step of sale\u00a0whether it is intra-state sales, central GST or state GST on NBFCs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/gst-on-nbfcs-in-india\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/gst-on-nbfcs-in-india\\\/\"},\"author\":{\"name\":\"Author: LegalRaasta\",\"@id\":\"https:\\\/\\\/www.legalraasta.com\\\/blog\\\/#\\\/schema\\\/person\\\/8fffceba7148ae1120f0bd4bf73b0c62\"},\"headline\":\"GST On Non-Banking Finance Companies (NBFCs) in 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