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.
- Dividing total turnover by 365 days to arrive at daily cash sale is based on conjectures and surmises
- NERIST Arunachal Pradesh invites EoI for Empanelment of Chartered Accountant firm
- Sibsagar University invites EoI for Appointment of Internal Auditor for 01.08.2024 to 31.03.2026.
- Andhra Pradesh High Court struck down Section 147A of the Income Tax Act, 1961 as unconstitutional
- Compensation to borrower upheld as bank did not verify construction progress before loan disbursals to builder
