Banks seek relief from GST notices, special disputes mechanism

Concerned about goods and services tax (GST) notices, banks have approached the finance ministry to ensure that the GST doesn’t apply to the levy of penal interest imposed on the customer in case of a default, or delay in repayment and non-compliance of loan conditions, sources told FE. Similarly, banks, through the Indian Banks’ Association (IBA), have urged the government to set up special dispu…