{"id":13976,"date":"2018-08-30T08:32:54","date_gmt":"2018-08-30T08:32:54","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=13976"},"modified":"2026-04-07T17:17:31","modified_gmt":"2026-04-07T11:47:31","slug":"rcm-dsa-banks-nbfcs","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/rcm-dsa-banks-nbfcs\/","title":{"rendered":"RCM on services by individual DSAs to banks\/ NBFCs wef 27.07.2018"},"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\/rcm-dsa-banks-nbfcs\/#Introduction\" title=\"Introduction\">Introduction<\/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\/rcm-dsa-banks-nbfcs\/#Provisions_of_RCM_on_services_by_Individual_DSAs\" title=\"Provisions of RCM on services by Individual DSAs\">Provisions of RCM on services by Individual DSAs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/rcm-dsa-banks-nbfcs\/#Notification_No_162018-Integrated_Tax_Rate_Dated_26th_July_2018\" title=\"Notification No. 16\/2018-Integrated Tax (Rate), Dated: 26th July 2018\">Notification No. 16\/2018-Integrated Tax (Rate), Dated: 26th July 2018<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">The Ministry of Finance released a notification on 26th July 2018 which seeks to amend the Integrated Tax(rate) under the Integrated Goods and Services Act, 2017. The notification basically specifies that RCM on services by individual DSAs to banks\/NBFCs will be taxed. What this entails is that the services provided by DSAs (Direct Selling Agents) of banks or NBFCs will be charged under RCM (Reverse Charge Mechanism).<\/p>\n<p>What is the Reverse Charge Mechanism you might ask! Well, it basically means a system where the recipient of goods or services has to pay the tax instead of the supplier. RCM is part of <a href=\"https:\/\/www.legalraasta.com\/gst-registration\/\" rel=\"noopener\"><span style=\"color: #0000ff;\">GST rules<\/span><\/a>. Below we give a pictorial representation of the Reverse Charge Mechanism.<\/p>\n<div id=\"attachment_13978\" style=\"width: 1034px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36.png\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-13978\" class=\"size-full wp-image-13978\" src=\"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36.png\" alt=\"CM on serviced by individual DSAs\" width=\"1024\" height=\"630\" srcset=\"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36-200x123.png 200w, https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36-300x185.png 300w, https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36-400x246.png 400w, https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36-600x369.png 600w, https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36-768x473.png 768w, https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36-800x492.png 800w, https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2018\/08\/Untitled-design36.png 1024w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><p id=\"caption-attachment-13978\" class=\"wp-caption-text\">RCM on serviced by individual DSAs of banks \/NBFCs will now be levied.<\/p><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Provisions_of_RCM_on_services_by_Individual_DSAs\"><\/span><strong>Provisions of RCM on services by Individual DSAs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The notification basically adds the following amendments.<\/p>\n<ul>\n<li>Including DSAs of Banks\/NBFCs in the taxable territory under Reverse Charge Mechanism<\/li>\n<li>Explanation of &#8216;renting of immovable property&#8217;<\/li>\n<\/ul>\n<p>You can also refer the official notification from the Ministry for your convenience.<\/p>\n<p style=\"text-align: center;\"><strong>Government of India<\/strong><br \/>\n<strong>Ministry of Finance<\/strong><br \/>\n<strong>(Department of Revenue)<\/strong><br \/>\n<strong>New Delhi<\/strong><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Notification_No_162018-Integrated_Tax_Rate_Dated_26th_July_2018\"><\/span><strong>Notification No. 16\/2018-Integrated Tax (Rate), Dated: 26<sup>th<\/sup> July 2018<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>G.S.R. 684(E)<\/strong>.- 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), <strong>notification No. 10\/2017- Integrated Tax (Rate)<\/strong>, dated the 28<sup>th<\/sup> June 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), <em>vide <\/em>number G.S.R. 685(E), dated the 28<sup>th<\/sup> June 2017, namely:-<\/p>\n<p style=\"text-align: justify;\">In the said notification, \u2011<\/p>\n<p style=\"text-align: justify;\">(i) in the Table, after serial number 12 and the entries relating thereto, the following serial number and entries shall be inserted, namely: \u2013<\/p>\n<table>\n<thead>\n<tr>\n<td width=\"38\">(1)<\/td>\n<td width=\"188\">(2)<\/td>\n<td width=\"188\">(3)<\/td>\n<td width=\"188\">(4)<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td width=\"38\">\u201c13<\/td>\n<td width=\"188\">Services supplied by individual Direct Selling Agents <strong>(DSAs) <\/strong>other than a body corporate, partnership or limited liability partnership firm<br \/>\nto the bank or non-banking financial company<br \/>\n(NBFCs)<\/td>\n<td width=\"188\">Individual Direct Selling Agents <strong>(DSAs) <\/strong>other than a body corporate, partnership or limited<br \/>\nliability partnership firm.<\/td>\n<td width=\"188\">A banking company or a non-banking financial company, located in the taxable territory.\u201d;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">(ii) in the Explanation, after clause (f), the following clause shall be inserted, namely: \u2013<\/p>\n<p style=\"padding-left: 30px; text-align: justify;\">`(g) \u201crenting of immovable property\u201d 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.\u2019.<\/p>\n<p style=\"text-align: justify;\">2. This notification shall come into force with effect from 27<sup>th<\/sup> of July, 2018.<\/p>\n<p style=\"text-align: justify;\">[F. No. 354\/13\/2018- TRU]<\/p>\n<p style=\"text-align: justify;\">(Gunjan Kumar Verma)<\/p>\n<p style=\"text-align: justify;\">Under Secretary to the Government of India<\/p>\n<p style=\"text-align: justify;\">Note: -The principal <strong>notification No. 10\/2017- Integrated Tax (Rate)<\/strong>, dated the 28<sup>th<\/sup> June 2017 was published in the Gazette of India, Extraordinary, <em>vide <\/em>number G.S.R. 685 (E), dated the 28<sup>th<\/sup> June, 2017 and was last amended by notification No. 3\/2018 \u2013 Integrated Tax (Rate), dated the 25<sup>th<\/sup> January, 2018 <em>vide <\/em>number G.S.R. 71 (E), dated the 25<sup>th<\/sup> January 2018.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">It can be challenging to keep up with the latest amendments and changes on GST. Follow our <a href=\"https:\/\/www.legalraasta.com\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">blog<\/span><\/a> to stay up to date with the latest. At <a href=\"https:\/\/www.legalraasta.com\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">LegalRaasta<\/span><\/a> we specialize in a wide range of services including <a href=\"https:\/\/www.legalraasta.com\/gst-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">GST registration<\/span><\/a> and <a href=\"https:\/\/www.legalraasta.com\/file-roc-compliance-for-private-limited-company\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">ROC Compliances<\/span><\/a> for company registration procedure. Talk to us about your requirements at <a href=\"tel:+918750048585\"><span style=\"color: #0000ff;\">+918750048585<\/span><\/a>\u00a0or drop an e-mail at <a href=\"mailto:contact@legalraasta.com\"><span style=\"color: #0000ff;\">contact@legalraasta.com<\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction The Ministry of Finance released a notification on 26th July 2018 which seeks to amend the Integrated Tax(rate) under the Integrated Goods and Services Act, 2017. The notification basically specifies that RCM on services by individual DSAs to banks\/NBFCs will be taxed. What this entails is that the services provided by DSAs (Direct Selling Agents) [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":13988,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141],"tags":[311,62,312,230,309,310,313],"class_list":["post-13976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nbfc","tag-banks","tag-gst","tag-igst","tag-nbfcs","tag-rcm","tag-reverse-charge-gst","tag-reverse-charge-mechanism"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RCM on services by individual DSAs to banks\/NBFCs| LegalRaasta<\/title>\n<meta name=\"description\" content=\"The Ministry of Finance released a notification on 26th of July, 2018 to specify that taxation under RCM on services by individual DSAs will be 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