Free banking services not liable to GST, mutual fund exit load to attract levy

Free services, like ATM withdrawals, provided by banks to customers will not attract  GST , but late payment charges on outstanding credit card bills and purchase of  insurance policies by NRIs will attract the levy.  In a set of FAQs on applicability of Goods and Services Tax (GST) on banking, insurance and stock brokers sectors, the revenue department has clarified that transactio…