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.
- Order u/s 69 of the CGST Act has to be communicated before arrest of person concerned– SC
- Refund can not be denied on the ground that it was claimed in a return filed u/s 148 – ITAT
- Distinction between religious & charitable purposes is determined by institution’s primary or dominant object
- Fit case to issue notice u/s 148 – Relevancy of material & application of mind to objections important
- AO is under an obligation to assign reasons for rejecting explanation of the assessee
