Gujarat State Financial Services Ltd ., In re
Date: June 27, 2019
Subject Matter
Services by way of extending deposits, loans or advances are exempt in so far as the consideration is represented by way of interest alone
Summary
Question – 1 The Applicant is providing financial assistance in the form of loan to various Government of Gujarat entities, whether all such Gujarat Stated owned entities and GSFS become related persons in GST? Answer: The relationship between…
1. The Applicant M/s. Gujarat State Financial Services ltd (GSFS) is a wholly owned subsidiary of Government of Gujarat has 100% holding and is registered with RBI as a Non-Banking Finance Company. It has been given the mandate by the State Government to manage the surplus funds of various state owned entities. The State Government has directed all the State Government owned entities to park all t…