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.
- Benefit of ITC accrued under UP VAT Act after introduction of GST Act 2017 – SLP admitted
- Mounting auto rickshaw body on chassis, amounts to new product – Supreme Court
- Registration u/s 12A granted without applying tests laid down by Apex Court set aside
- In absence of satisfaction recorded for penalty u/s 271D, penalty couldn’t be levied
- GST Act requires personal hearing either on request, or when adverse order is contemplated