Indian Government is now seeking tax from banks on free services provided to customers

Sushubh

Administrator
[OP]
Oct 29, 2004
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At least that's what this article seems to be saying.

ATM Transaction Charge: Your bank could soon charge you for ATM transactions, cheques & cards

The tax department has asked country's top lenders including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank to pay tax that could run into thousands of crores, on 'free services' provided to customers maintaining a minimum account balance, with retrospective effect.
 

Navjot Singh

The Punisher
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Sep 7, 2005
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Delhi
This govt has become so shameless in asking taxes for really absurd things.

Also, our govt loves taxing retrospectively. These taxes will be imposed for last 5 years so good luck to us.
 
Reactions: Smh

dextermorgan

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May 12, 2014
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Hyderabad
this government will also tax you for pissing! oh wait, they already do. its called swach bharath tax plus even those public bathrooms funded by swatch bharath tax also take money from consumers. that means this government taxes people twice for pissing.
 


Sushubh

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Oct 29, 2004
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i wonder if gst is implemented on the money charged at public restrooms.

i am also kind of baffled that the money being collected for the rape victims through an online service shows 18% GST applicable on it. so government is pretty much taken a fifth of all money donated?

Source
 

amish

Star gazer
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Jul 3, 2006
24,650
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Mumbai
I dont even go to bank. I do everything online.

I dont want and I dont use any additional service from bank. Its just to hold my money and to give me interest.

If bank is saying this is free that is free - I should be given option to not to take it and hence NOT end up paying tax for unwanted FREE services. Because ultimately that tax would go from my pocket.
 


igloo

Not just Internet.
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Sep 5, 2008
2,385
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New Delhi
Delhites who voted for mcd! congrats!
Now edu cess on mcd tax. While it shows as just 1% of total value in reality it is 16% more than previous year tax.
All this when AAP promised to waive off all the tax.
 

ajgamer

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Dec 28, 2014
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This is a scam. You cannot charge for the services which are free (aren't paid in cash for).
 

Sushubh

Administrator
[OP]
Oct 29, 2004
413,823
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Gurugram
someone on reddit had an interesting point here.
what next? the government would start charging tax on the food that is prepared at home as it is basically an presumptive (notional?) loss on the food that you would have ordered from a hotel instead.

vinod rai syndrome.
 
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