Banks seek relief from GST notices, special disputes mechanism
Financial Express Mumbai|January 26, 2022
BUDGET FY23
BANIKINKAR PATTANAYAK

CONCERNED ABOUT GOODS and services tax (GST) notices, banks have approached the finance ministry to ensure that the GST doesn't apply to the levy of penal interest imposed on the customer in case of a default, or delay in repayment and noncompliance of loan conditions, sources told FE.

Similarly, banks, through the Indian Banks'Association (IBA), have urged the government to set up special dispute resolution mechanism, along the lines of the Committee on Disputes, with strict timelines for the completion of appeal process to cut litigations between the tax department and the banks.

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