5 banking, financial transactions on which GST is payable now; Check how you will get impacted

Amid speculation whether the ‘free services’ offered to customers by banks and other financial institutions will come under the ambit of GST (goods and services tax), the government has recently clarified that these services will not attract GST. The confusion arose when notices were sent to a large number of banks for non-payment of service tax on free services offered to their clients under the…