GST on financial inclusion services by BCs likely to come under review

With the government focussing on financial inclusion, the Goods and Services Tax (GST) Council is expected to bring to nil GST on services, including small-value remittances that are carried out by business correspondents (BCs). At present, GST of 18 per cent is levied on these services but the industry has been pointing out that it creates additional burden, which has to be borne either by the ba…