Taxman targets banks for free logo use by subsidiaries

The tax department has started issuing notices to banks that allow subsidiaries, such as mutual fund and insurance units, to use their logos for free. The tax department wants the banks to pay 18%  GST on the “deemed” value of such transactions and has even calculated how much these are worth, said people with knowledge of the matter. State Bank of India, Citibank,  ICICI Bank , Bank of…