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Gst on banks financial services.
As a banker I have a query that the services provided by bankers to public the Gst paid on that services while computing the income and revenue sources for bank the income generated via charges is shown in income and expense statement and if yes whether it will be not doubled tax as already Gst has been charged on that banks services? Clear my doubt with detailed explanation in accounting and taxation terms.
Replies (8)
If you are talking about GST and income tax, than both are different
Yes then only the bank charges which charged Gst of 18% will be also again in income tax for income and expenditure statement ?
GST Paid by bank on services charges is not the cost of bank, because bank charge GST along with charges from Customer and that Deposit it to Goverment, So, it's tax collected from customer and Deposited to Goverment.
But By Providing this services and charging fee for same,bank also earn income. So this charges is income for bank and same will be included in income side of profit and loss Account.
After deducting any Expenses of bank if bank have a profit than its required to pay income tax on same...
GST cost is ultimately borne by Customer, whereas bank only pay income tax from their pocket.
But By Providing this services and charging fee for same,bank also earn income. So this charges is income for bank and same will be included in income side of profit and loss Account.
After deducting any Expenses of bank if bank have a profit than its required to pay income tax on same...
GST cost is ultimately borne by Customer, whereas bank only pay income tax from their pocket.
Ok thank you for kind and generous information.
Most welcome..........
Great explaintion
Thank you....... Ayusmita ji
Welcome.......... sagar ji
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