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Free Banking Services Don’t Attract GST, Revenue Dept Clarifies
June 06, 2018
In response to the query raised by the department of financial services regarding the applicability of Goods and Services Tax (GST) on the free banking services such as ATM withdrawals, the revenue department recently cleared by air by saying that these services are not liable for GST.
The department said that transactions related to derivatives, securitization, future and forward contracts are also exempted from GST. However, late payments of credit card bills, as well as finance lease transaction interest, are taxable under GST.
Photo credit: oliverhiltbrunner on Visualhunt /CC BY-NC-SA
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