Banks under taxman scanner for GST refund on ATM transactions

The  indirect tax department’s investigation arm is scrutinising the  GST credit availed by banks on taxes paid by their ATM vendors and could soon ask banks to cut the credit availed by them, two people with direct knowledge of the matter said. The taxmen are examining whether banks are eligible to avail 100% of Goods & Services Tax (GST) credit on services provided by vendors such…