GST body alleges Rs 9.72 cr tax evasion at Axis Bank

Goods and Services Tax Commissionerate, Mumbai, has alleged a tax evasion of Rs 9.72 crore by Axis Bank over fees charged by banking correspondents (BCs). The 'cut and pay' model of Axis Bank undervalued the domestic money transfer services, a source said, adding the practice was prevalent at other banks too. Axis Bank provides the domestic money transfer services to customers through their corpor…