GST Application On Financial Services: Government's Clarification
Mad About Money|July 2018

The government’s perspective on the main aspects related to BFSI sector has been cleared. Basically, the government also elucidated that the banking services such as cheque book issuance and ATM withdrawals would not have Goods and Services Tax (GST) levied on them.

GST Application On Financial Services: Government's Clarification

On the other hand, late payment charges on outstanding credit card bills and purchase of insurance policies by NRI’s will definitely attract the government rates.

THE IMPORTANCE:

Last year, the government formed 18 sectoral groups to delve into concerns faced by various sectors to safeguard the easy implementation of GST. Releasing the FAQ on the financial sector was aimed at eliminating uncertainties around the applicability of the tax on numerous transactions and therefore constricting the scope for future litigation. Additionally, the FAQ’s also seeks to reduce the agreement burden on financial institutions which already have to register in all the states that they operate and file several returns.

TRANSACTIONS ATTRACTING GST:

This story is from the July 2018 edition of Mad About Money.

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This story is from the July 2018 edition of Mad About Money.

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