Dear sir/madam
Am doing NBFC business supply service to BFC (car loan and mortgage loan) getting commission on monthly basis how can raise invoice to BFC (RCM/FCM ) what is the Gst Rate
Pls advice
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Replies (1)
However, generally, the GST rate for financial services, including loan-related services, is *18%*.
Invoice and GST Compliance When raising invoices to BFC, consider the following: -
- *GSTIN: Verify the GSTIN of the BFC and ensure you're charging GST correctly. -
However, for services provided by NBFCs to BFCs, the general practice is to follow the
Forward Charge Mechanism (FCM)*, where the supplier (your NBFC) charges GST to the recipient (BFC).
Documentation and Compliance To ensure compliance, maintain proper documentation, including: -
*Invoices*: Raise invoices that comply with GST rules and include all necessary details. -
*GST returns*: File your GST returns accurately and on time, reporting the GST charged to BFC. -
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