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Banks to Ask Centre to Cancel the New Tax on Free Services
April 26, 2018
Unhappy with the government’s decision to tax the free services provided by the banks to their customers, the Indian Banks’ Association is planning to ask the government to scrap the law.
A few days ago, the centre had sent notices to all the banks in which it asked them to pay service tax and interest on their free services, something which is estimated to cost the banks nearly Rs. 40,000 crores.
Anshula Kant, who is the CFO of State Bank of India said that the association has decided to take up the issue with the government.
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