GST Council Clarifies Place of Supply for Custodial Services provided by Indian Banks to Foreign Portfolio Investors

The 53rd GST Council meeting clarified the place of supply for Custodial Services provided by Indian Banks to Foreign Portfolio Investors under Section 13(2) of the IGST Act, 2017. The meeting, chaired by Union Finance Minister Nirmala Sitharaman, decided that the detailed clarification on this matter will be issued by the CBIC soon. Additionally, the council recommended restrictions on IGST refund in cases where export duty is payable and proposed introducing IGST refund mechanisms for situations where the price of goods increases after their export.