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No GST on free banking services

Business

No GST on free banking services

admin1 May 16, 2018
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The finance ministry sources said that free banking services like cash book withdrawals by ATM and ATMs could not be brought under the provision of goods services tax (GST). The Department of Financial Services has been approached by the Revenue Department to remove the confusion over the GST’s imposition of some free services offered to banks by customers. The Revenue Department is likely to clarify the financial services department that GST is not free on banking services. The Department of Economic Affairs has clarified the revenue department in the wake of receiving tax notices on banks. The Indian Banks Association has made a proposal to the tax authorities on behalf of banks already on this issue. The tax officials expressed the opinion that the fees would be charged to maintain minimum savings in the account.

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