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Free Banking Services Likely to be Kept out of GST
May 23, 2018
Free banking services including ATM withdrawals and chequebook issuances are likely to be kept out of the GST regime, a senior official said.
A query was raised with the revenue department regarding the imposition of GST on the free banking services by the department of financial services (DFS). However, according to a senior finance ministry official, the department is likely to tell that GST won’t be levied on such services.
There was a confusion regarding the GST applicability on the free banking services as the banks had received tax notices for the non-payment of GST levied on the same. For clarification, the DFS approached the revenue department.
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