Under the Goods and Services Tax (GST) regime, there are certain exemptions related to warehouse and banking services. So, let’s take a look into the Services related to warehouse and banking and the exemptions thereunder in this article.
Under the Goods and Services Tax (GST) warehouse-related services are classified as a type of supply of services and are subject to GST. The GST rate for warehouse-related services is 18%. Warehouse-related services include activities such as loading and unloading of goods, packing and unpacking of goods, and storage of goods. The services may be provided by a third-party warehousing agency or by the owner of the warehouse itself.
Some examples of warehouse-related services subject to GST are:-
Under the Goods and Services Tax (GST) in India, banking-related services are classified as a type of supply of services and are subject to GST. The GST rate for banking-related services is 18%.
Banking-related services include a wide range of activities performed by banks and other financial institutions, such as lending and borrowing money, issuing credit and debit cards, providing investment advice, and offering various types of insurance.
Some examples of banking-related services subject to GST are:-
It is important to note that these exemptions are subject to certain conditions and limitations, and businesses should consult with their tax advisors to determine their eligibility for these exemptions.
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