Section 13(8) in The Integrated Goods and Services Tax Act, 2017
(8)The place of supply of the following services shall be the location of the supplier of services, namely:-(a)services supplied by a banking company, or a financial institution, or a non-banking financial company, to account holders;(b)intermediary services;(c)services consisting of hiring of means of transport, including yachts but excluding aircrafts and vessels, up to a period of one month.Explanation. - For the purposes of this sub-section, the expression,-(a)"account" means an account bearing interest to the depositor, and includes a non-resident external account and a non-resident ordinary account;(b)"banking company" shall have the same meaning as assigned to it under clause (a) of section 45A of the Reserve Bank of India Act, 1934;(c)"financial institution" shall have the same meaning as assigned to it in clause (c) of section 45-I of the Reserve Bank of India Act, 1934;(d)"non-banking financial company" means,-(i)a financial institution which is a company;(ii)a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending in any manner; or(iii)such other non-banking institution or class of such institutions, as the Reserve Bank of India may, with the previous approval of the Central Government and by notification in the Official Gazette, specify.
