Wednesday, May 16th, 2018

 

Good news! Cheque book issuance, ATM withdrawals likely to remain out of GST ambit

Free banking services like cheque book issuance and ATM withdrawals is likely to remain out of the ambit of the GST, a senior finance ministry official said. The Department of Financial Services had approached its revenue counterpart to clear the confusion over the levy of Goods and Services Tax (GST) on some of the free services offered by banks to their customers. “The revenue department is likely to tell the financial services department that GST will not be levied on free banking services,” an official told PTI. Amid banks gettingRead More