What is the benefit of the Modi government's huge relief to ATM and checkers, what is the benefit?
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There is a message of relief for those who take money from bank ATM. Now do not have to pay any tax on the cash from the ATM, as ATM Videol has been removed from the GST category. With this, banking sector is going to get big relief.
Free service such as check book is also kept out of the GST. However, GST will be applicable on the charge of late payment of credit card and insurance taken by NRIs. So the government decision has been taken to make foreign services expensive. Along with that, the luxury services have also been charged.
Apart from this, the revenue department has clarified this by issuing the FAQ that is the problem of frequently raising questions about the implementation of GST on banking, insurance and share broker services. In this regard, the Department said that transactions related to securitization, derivatives forward deals are also excluded from GST. The Financial Services Department contacted the Revenue Department last month about this.
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Free service such as check book is also kept out of the GST. However, GST will be applicable on the charge of late payment of credit card and insurance taken by NRIs. So the government decision has been taken to make foreign services expensive. Along with that, the luxury services have also been charged.
Apart from this, the revenue department has clarified this by issuing the FAQ that is the problem of frequently raising questions about the implementation of GST on banking, insurance and share broker services. In this regard, the Department said that transactions related to securitization, derivatives forward deals are also excluded from GST. The Financial Services Department contacted the Revenue Department last month about this.
Read the original source
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