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The Goods and Services Tax (GST) has proven to be a historic development in the Indian Tax regime. While there are 160 countries around the world which have adopted a unified tax regime, the Indian version of the comprehensive tax was introduced late in comparison to other leading economies. GST has consolidated more than a dozen indirect taxes in India at the central and state level, simplifying the tax registration system as well as the compliance filing processes for the businesses.
With uniform applicability at 0%, 5%, 12%, 18% and 28% across the supply chain, GST has simplified the tax structure for different goods and services in India.
GST has also reinvigorated the way businesses in India operation by changing their overall production costs, and thereby allowing them to pass the benefit to their customers as well. The GST regime in India has had a similar effect on the Non-Banking Financial Company sector with the changes in GST liability brought upon on financial services.
Non-Banking Financial Companies are rising in the financial arena in India by streamlining credit for a segment of businesses and individuals who have remained credit-deprived in the country. The sector places as the third largest financial services provider in the country and serves those who are underserved in the current banking landscape.
Non-Banking Financial Companies are furthering the financial inclusion agenda supported by the Indian government and standardising financial services for all segments of individuals and businesses irrespective of their region, credit history or income level.
The GST implementation in the country has had mixed impacts on the economy, and while, it has led to a reduction in the price of certain goods and services, the impact of the tax has been mixed when it comes to the NBFC sector. Understanding the complete implication of the GST on NBFCs is important when it comes to NBFC registration to understand the liabilities and benefits of entering the lending sector in India.
GST on NBFCs
GST Applicability on Non-Banking Financial Companies (NBFCs) in India
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