DFS GST

The amendments aim to enhance the security of policyholders, promote their interests, and improve returns

The banks' lobby group has been asked to assist with the preparation of the viability plan for RRBs

The department of financial services (DFS) is planning to write to the department of revenue opposing the move to tax banks for some of the free services provided to its customers."We will write to the revenue department on the issue of imposition of tax - service tax and goods and services tax (GST) on banks for some free services they offer to customers," DFS secretary Rajiv Kumar told reporters.He said that the services, offered free of cost, were entitlement of customers and taxing such facilities is not legally tenable."To our mind, it's not a service. The banks are already earning some income by offering certain services to customers who maintain a minimum balance in their accounts," the secretary said.Kumar said the issue would be sorted out once the two departments sit together and discuss the matter in detail.Revenue department officials argue that banks are not offering 'free services' but actually charging customers by asking them to maintain a minimum account balance."In ..