No New Deposits or Credit Transactions Allowed after Feb 29, 2024; RBI Imposes Restrictions on Paytm
The Reserve Bank of India ( RBI ) has imposed huge restrictions on the Paytm Payment Bank Ltd. According to the press release issued by the apex bank, it stated that the paytm shall not
Late Payment of Credit Card Dues, Interest on Finance Lease attracts GST: CBIC issues FAQs on Banking, Insurance and Stock Brokers [Read FAQs]
The Central Board of Indirect Taxes and Customs ( CBIC ) has released a set of Frequently Asked Questions (FAQs) on Banking, Insurance, and Stock Brokers wherein the Board clarified the applicability of GST in
Banking Services are Related to Collection of Export Proceeds: CESTAT allows Refund Claim [Read Order]
The Customs Excise and Service Tax Appellate Tribunal, New Delhi held that banking services are related to the collection of export proceeds and allowed refund claims. The appellant is engaged in manufacture and export and
Banks to charge 18% GST on Freebies
The Banks may soon charge 18 percent GST on the freebies provided by them to the customers who maintain a minimum balance in their accounts. According to reports, reeling under a pile of bad loans
Free Banking Services to remain out of GST, says Finance Ministry Official
A Senior Financial Official from the Finance Ministry reportedly confirmed that free banking services like cheque book issuance and ATM withdrawals are likely to remain out of the ambit of the Goods and Services Tax
Interest on Outstanding Credit Card balances subject to GST: CBIC clarifies applicability of Tax on Banking, Insurance and Stock Brokers Sector [Read FAQs]
The Central Board of Indirect Taxes and Customs (CBIC) has issued a set of Frequently Asked Questions on application of GST on the Banking, Insurance and Stock Brokers Sector. Earlier, there was some confusions on
Petition in Delhi HC challenges IGST on Banking Services Provided to Head Office abroad: HC issues Notice [Read Order]
A division bench of Delhi High Court comprising Justice S. Muralidhar and Justice Prathibha M. Singh has admitted petition challenging Integrated Goods and Services Tax (IGST) on Banking Services provided to its head office situated
Egypt to remove Baked Snacks from the List of VAT Exempt Goods
The Finance Ministry of Egypt has an amended VAT Act to remove baked snacks and shower gel from the list of VAT-exempt goods says the local press reports. The current rate of 5% will be
RBI gives freedom to Banks to fix Bank Service Charges for Transactions
In a major move to promote cashless transactions in the country, the Reserve Bank of India has given banks the freedom to fix bank service charges for transactions. The RBI has deregulated interest rates on
Payments via Paypal GST are subject to from this Month
The American payments portal PayPal has started imposing GST charges on its services from 1st November 2017 onwards as per the rules and regulations of GST in India. It was stated that primarily all the
No Service Tax on Indian Bank acting as Mediator between Indian Exporter and Foreign Banker representing Foreign Importer: CESTAT [Read Order]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Delhi bench has held that service tax cannot be levied on reverse charge mechanism basis on an Indian bank acting as a mediator between an Indian
Punjab National Bank Faces ₹72 Lakh Fine from RBI for Violating Directions on Interest Rate and Customer Service Rules
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹72 lakh on Punjab National Bank. This action was taken due to the bank's non-compliance with specific provisions outlined in three RBI directives:
18% GST on ATM Withdrawal: Bank Transactions get Expensive under GST
India has changed to the Goods and Services Tax regime on July 1st. the newly implemented GST, though has not just impacted various business industries, but also affected the financial transactions costs. Under the GST, banking
Agency Commission received by Canara Bank for RBI not subject to Service Tax: CESTAT [Read Order]
The Bangalore bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the agency commission received by the Canara Bank on behalf of the Reserve Bank of India (RBI) cannot be
Services of OIDAR, Business Auxiliary Service or Club and Association Service provided by NSDL are Taxable: CESTAT [Read Order]
The Customs, Excises, Service Taxes Appellate Tribunal (CESTAT) while ordering the re-quantification of the demand held that Services of online information and database access or retrieval (OIDAR), business auxiliary service or club and association service