In April, Banks all over the country had received show cause notices seeking a genuine explanation on why no GST should be charged on services offered for free by the banks. The GST will now affect the financial transactions cost. The show-cause notice raised a lot of eyebrows. The period in question was from between July 2012 to June 2017 and the estimated tax amount for the period stood at Rs 45,000 crore. In the notice from the Revenue Department, Free services are liable for GST as there is an agreement for an activity. Some of these services include :
