effect of GST on a company’s bank account

Question

agar kisi company k bank accopunt se transaction karte hai to kya uspe gst effect parega aurt agar parega to kitna aur kyu & kaise ?

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CA, CS, CMA Raghuvir 5 months 1 Answer 106 views 0

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Answer ( 1 )

  1. GST applies to all services where this a supply for consideration. So, in banking transactions such as credit card payments, fund transfer, ATM transactions, processing fees on loans etc., where the banks are levying charges, increased tax rates would apply. This would have a slight inflationary impact,”
    Tax on financial services transactions will rise from the current 15% to 18% as the goods and services tax(GST),making them marginally costlier.

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