Banks asked to pay over â¹6,000cr in taxes on 'free services'
The tax department has reportedly asked banks to pay up to â¹6,000 crore in retrospective taxes on 'free services' provided to customers maintaining a minimum account balance. These services include ATM transactions, issuance of chequebooks and debit cards, among others. The Directorate General of Goods and Services Tax Intelligence has sought tax on these services for the last 5 years.