GST on Penalties: How Banks Are Double-dipping on your Hard-Earned Money

The Hidden Cost of Falling Short Imagine this: You’re juggling bills, groceries, and school fees, and one month you dip below your bank’s minimum balance requirement. Next thing you know, your bank slaps you with a penalty. Annoying, right? But wait- there’s more! On top of this penalty, you’re charged 18% GST. Suddenly, your small slip-up feels like a costly crime.   If this sounds familiar,…