The government has given great relief to the withdrawal of ATMs. Now the ATMs do not have to pay taxpayers because the withdrawal of ATM money from the ATM has been kept out of GST. In addition, services such as checkbook insurance have also been excluded from the scope of GST. However, a credit charge on credit payments remaining on credit card and an insurance policy on NRI would be GST.
The Revenue Department has clarified this issue for the permanent removal of the questions repeatedly made to apply for GST on banking, insurance and share broker services. The Department has said that the transaction related to securitization, derivatives and futures transactions has also been excluded from the GST sector.
The Financial Services Department contacted the Revenue Department last month for clarification on this matter. The matter has finally been announced after considering the long-term debate.