Bank Users Could Be Asked To Pay Tax For Every ATM Withdrawal, Every Cheque Issued!
Banking consumers are likely to have tough time ahead in the form of getting burden of cost towards every transaction. The Bank Users Could Be Asked To Pay Tax For Every ATM Withdrawal, Every Cheque Issued!
It is learnt that Banks such as State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank are among
those, who have been asked to pay this tax. The entire banking industry in India is right now pondering over a
major question: Who will pay for banking services such as ATM withdrawals and cheques now?
This question has popped up, after a major decision by Directorate General of Goods and Services Tax Intelligence
(DGGST) concerning ‘free’ banking services. Free Banking Services To Be Taxed Now. In a surprise move, Directorate General of Goods and Services Tax Intelligence (DGGST) seems to have contacted all leading banks and asked them to pay tax on the ‘free services’ offered by them to customers.
I feel providing ATM services, cheque book, online transaction, cash withdrwal are the basic services that every bank need to provide all consumers. Charging any amount towards these services is highly unethical and so is the taxing such services. Govt. of India need to intervene in the matter immediately else it would disturb the entire banking industry from the consumer point of view. more
It is learnt that Banks such as State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank are among
those, who have been asked to pay this tax. The entire banking industry in India is right now pondering over a
major question: Who will pay for banking services such as ATM withdrawals and cheques now?
This question has popped up, after a major decision by Directorate General of Goods and Services Tax Intelligence
(DGGST) concerning ‘free’ banking services. Free Banking Services To Be Taxed Now. In a surprise move, Directorate General of Goods and Services Tax Intelligence (DGGST) seems to have contacted all leading banks and asked them to pay tax on the ‘free services’ offered by them to customers.
I feel providing ATM services, cheque book, online transaction, cash withdrwal are the basic services that every bank need to provide all consumers. Charging any amount towards these services is highly unethical and so is the taxing such services. Govt. of India need to intervene in the matter immediately else it would disturb the entire banking industry from the consumer point of view. more
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This will create a scenario of exploitation of common man . I think this will be very wrong act of Government . more
Jun 05
Present Finance Minister is responsible for all the woes of Bank users. He must understand people woes in general and rural areas in particular. Misguided by such people PM is becoming unpopular, which will impact the economy and finally BJP in electoral run. Current Governmental arrogance can not work in forthcoming elections first due to fuel prices and secondly Banks levying such surcharges. more
Jun 05
All these things leading to a Question that why should we go to bank at all? There is no reason why we should go to bank. Banks have introduced accounts, cheque , ATM cards to reduce burden on bank counters. They offered intrest on idle money and asked to open accounts. Now when people are used to them banks want to charge for those so called free services. In fact banks helping big houses and business people with current accounts and NPAs. They want to charge all services and take bail in and bail out too. Bank accounts are not required if salaries and govt payments are made in cash. The salary which does not last for 15 days attracts charges for withdrawal? May be very soon banks will remain with loan takers , NPAs and account holders will leave. more
May 26
The Sleeper Cells in the Administration is suitably advising the Government to destroy the Faith n Trust on the Current Government. Costs must be brought down for living of the common persons n higher charges for the financially better society who spend beyond the Living Costs. Builders R harassing the Flat Buyers n the Government expects the Administrative arm will support the Truth of GST. more
May 19
The Government authorities seem to have forgotten the hated Banking Cash Transaction Tax introduced by P.Chidambaram, since withdrawn. Such proposals to tax each and every transaction are outlandish and unfair to the customer. It will only increase the number of cash transactions and people may stop issuing cheques and proffer cash instead. Who will vote for the Government that seems to be intent on taxing the middle class more and more if such a scheme of taxing every transaction is introduced? Is there not a cost attached to the consequent increase in the number of transactions? For every ATM withdrawal there would be a computation of tax that would be debited to the account and that has to be credited to the Tax Account not to speak of the volumes of Audit to ensure that everything is done correctly. So if a criminal fraudulently draws cash from our account through ATM channels we would have to pay tax on this also! Isn't this laughable? L.Kalavathi Retired Bank Official Chennai, Tamilnadu 14th May 2018 more
May 14
