GST applicable on service charges levied on cash deposited by non-chest bank branches to the Currency Chests – RBI Clarification
RBI has clarified the applicability of GST on the service charges levied on cash deposited by non-chest bank branches to the Currency Chests.
It has been clarified that the service charges are exclusive of applicable taxes. Accordingly, GST is applicable on the service charges.
Currently, As per RBI directive, the currency chest holding banks levy service charges on cash deposited by non-chest bank branches at the rate of ₹ 5/- per packet of 100 pieces and large modern Currency Chests levy service charges at the maximum rate of ₹ 8/- per packet of 100 pieces.
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