WEB DESK
Soon, banks may pass the cost of goods and services tax (GST) on ‘free services’ to customers who maintain a minimum balance in their accounts.
Reeling under a pile of bad loans and faced with the prospect of paying GST on ‘free services’ given to customers, private and public banks like ICICI Bank, HDFC Bank and State Bank of India (SBI) are considering passing on this cost to them, according to a report published in Economics Times.
Earlier it was reported that the tax department had asked around 19 banks to pay more than Rs 150 billion tax on free services provided to customers who maintain a minimum account balance.