GST payable on service charges for cash deposited by non-chest bank branches to Currency Chests; RBI clarifies
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- By Chetan Kulasri
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- Last Updated on 8 September, 2022
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RBI/2022-23/112 DCM (NPD) No.S770/09.40.002/2022-23 dated September 6th, 2022
The RBI has issued clarification to provide that the amount of service charges prescribed for cash deposited by non-chest bank branches to Currency Chests are exclusive of applicable taxes. Accordingly, the service charges mentioned in earlier circulars of RBI to be read as ₹5 plus applicable taxes per packet and Rs.8 plus applicable taxes per packet, as the case may be.
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