16 February 2012
Please anybody let me know the Service Tax Category or heading under which a Project Finance consultant falls. By Project Finance Consultant means a person who works as liaison between the bank and the borrower and earns commission on the amount financed by the bank.
18 July 2024
The service provided by a Project Finance Consultant, who acts as a liaison between banks and borrowers and earns commission on the amount financed, typically falls under the category of "Banking and Other Financial Services" for the purpose of service tax (now GST in India).
More specifically, this service could be classified under the following Service Accounting Codes (SAC) in the GST regime:
- **SAC 997331:** Other financial services including financial consulting, loan administration, cash management services, credit assessment and evaluation, and investment advisory services.
This SAC broadly covers financial consulting services provided by professionals who assist in project financing, loan arrangement, and related financial advisory services.
It's important to note that SAC codes are used under the GST regime to classify various services for taxation purposes. Always verify the appropriate SAC with your tax advisor or refer to the latest GST guidelines issued by the GST authorities in India for the most accurate classification and compliance.
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