Banks soon to levy charges for ATM transactions, cheques and cards

ATM

ATM transactionsTop public, as well as private lenders, have been asked by the tax department to pay taxes worth thousands of crores, on ‘free services’ offered to the customers maintaining a minimum account balance, with contemplative effect.

Reportedly, the Directorate General of Goods and Services Tax Intelligence (DGGST) will be issuing show cause notices to several banks.

The tax will be charged for the last five years, the time frame for which past service tax cases can be opened said an official from the department.

The tax will be incurred after analysing the account charges recovered by the banks from consumers who failed to maintain a minimum account balance. For those who maintain minimum balance will be charged on the basis of the deemed services provided by them by the banks.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.