Take FPI custody services out of GST: Lenders to government
The issue cropped up during the GST audit of some foreign banks and lenders expect tax demands notices since 2017 when the new indirect tax was rolled out in due course. Assets under custody (AUC) stood at ₹48.7 lakh crore in March 2023, declining from ₹50.94 lakh crore in March 2022, shows data.
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