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  • Category: Miscellaneous

    We may have to pay tax on the free services provided by the banks.

    The 'Economic Times' report of 24th April, indicates that the 'Directorate General of Goods and Services Tax'(DGGST) has sent notices to the banks to pay the taxes for the free services provided to the customers of the banks. This tax was claimed with retrospective effect from 2012. The banks had collected penalty from the customers for not maintaining the minimum balance. The DGGST is asking the banks to pay tax on the money so collected and also on the free services given to customers who maintained the minimum balance. The tax demanded is to the tune of 40,000 crores. If the demand by the DGGST is met by the banks, they are sure to pass on the burden to the customers. The government should ask the DGGST to withdraw their demand to the banks immediately and clarify the position to the public. The public has already lost faith in the banks and fearing to deposit their money in the banks. These steps further erode their credibility. The common man is at crossroads as to what to do with their hard earned money and where to deposit it safely.
  • #634846
    By the way what the hell the banks are giving free services to the customers. The so called sms message service which is being given for every withdraw or depositing is not free. The ATM operation over and above the prescribed periods are being taxed. By not maintaining minimum balance we are being taxed and above all when they are not having any staff at the ATM, they are charging ATM charges in some cases. Most of the banks has reduced the staff and they are saving money on that , therefore government should withdraw this new demand from the bank, otherwise people would shy away to save with banks in future.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #634897
    It is the time to think about the tax for banking. We are giving our money for their use and we are making use of money of ours partially for our expenses. But banks are trying to tax each and every transaction and trying to make us fools. The other day HDFC bank charged Rs.17.50 towards a transaction made online. what is the service they have done? our lap tap, our account our money and we only carried out the work without any physical involvement of any bank person. Why should they charge that much money? I don't understand.
    The public already has a fear of keeping money in the bank and started drawing complete money and keeping in the house. This is being done by even some government employees. So Government should do something to bring the confidence in the people about the banking sector.

    always confident

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