There is news of relief for those who withdraw money from Bank ATM. No tax will be required on the withdrawal of cash from the ATM because ATM withdraw has been excluded from the GST scope.
Apart from this, free service like checkbook is also excluded from GST scope. However, late charge on outstanding payment of credit card bill and NRI will be GST on the purchase of insurance.
Regarding the implementation of GST on the banking, insurance and stock broker services, the Revenue Department has issued an explanation in this regard by issuing 'FAQ's. The Department said that transactions involving securitization, derivatives and futures transactions were also excluded from the GST scope.
Published On : 04 Jun 2018