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Banks Asked to Pay Taxes on “Free Services” Provided to Customers
April 26, 2018
India’s top banks including ICICI Bank, State Bank of India, Kotak Mahindra Bank, etc. have been asked by the income tax department to pay taxes on the free services provided to the customers. These could set the banks back by thousands of crores.
The Directorate General of Goods and Services (DGGST) has already sent notices to the banks above, and more are likely to join as well. They have been asked to pay taxes on the free services provided during the past 5 years.
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