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GUJARAT STATE FINANCIAL SERVICES LTD.
(Authority for Advance Ruling, Gujrat)

Hon'ble Judges:

R.B. MANKODI
G.C. JAIN
Pet. Counsel
N.b.shah
Res. Counsel
Na

Petitioner / Applicant

GUJARAT STATE FINANCIAL SERVICES LTD.
Respondent NA
Court

AAR (Authority for Advance Ruling)

State

Gujrat

Date Jun 27, 2019
Order No.

GUJ/GAAR/R/10/2019

Citation

2019(6) TAXREPLY 771
Original Order
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ORDER

1. The Applicant M/s. Gujarat State Financial Services ltd (GSFS) is a wholly owned subsidiary of Government of Gujarat has 100% holding and is registered with RBI as a Non-Banking Finance Company. It has been given the mandate by the State Government to manage the surplus funds of various state owned entities. The State Government has directed all the State Government owned entities to park all their surplus funds with GSFS i.e applicant. The funds received by GSFS from the Government entities are provided to the other Gujarat State owned entities as loans, which are in need of funds. The idea of formation of GSFS is to manage in-house funds of state owned entities. This results into the circulation of funds of Government entities within the ambit of State Government and its entities. 2. The applicant has requested for advance ruling in the given matter. 1. The Applicant is providing financial assistance in the form of loan to various Government of Gujarat entities, whether....

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