raj kamal singh (Auditor) (528 Points)
10 May 2018Dear all
Public sector bank charged GST on account of bank guarantee and conversion of foreign exchange.So,I would like from you to know that whether company can avail GST credit on it considering bank does not issue tax invoice,but only bank statement.Please support your answer with relevant act,rule/case study.
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 10 May 2018
Rule 54(2)---Where the supplier of taxable service is an insurer or a banking company or a financial institution, including a non-banking financial company, the said supplier may issue a [consolidated]33 tax invoice or any other document in lieu thereof, by whatever name called [for the supply of services made during a month at the end of the month] 34, whether issued or made available, physically or electronically whether or not serially numbered, and whether or not containing the address of the recipient of taxable service but containing other information as mentioned under rule 46.
Thus Bank is required to issue consolidated tax invoice and you may ask the bank for the same.
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1693 Points)
Replied 10 May 2018
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