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Under GST, Banks Must Register in Each State: Hasmuk Adhia
June 15, 2017
To be GST-ready, all the banks will need to make separate registrations in each state, Revenue Secretary Hasmukh Adhia said.
Dismissing the recent concerns of various private and public sector banks regarding their preparedness, Adhia said that they have no other option. They have to register in each state to be ready for the new indirect tax scheme that’s set to be launched on July 1, he said.
Adhia was present at a day-long review meeting with public sector banks, amid other officials including finance minister Arun Jaitley, when he said that banks have to brace for GST. “They can’t say they are not ready”, he said.
