Hi,
I recently had unpleasant experience with HDFC Bank. While I was charged wrongly for a credit card bill payment not done, they have reversed that charge, but GST on charge is not reversed with following statement in their email. My concern is, when there is no charges at all, how does the GST exists? I had ICICI reversing my GST along with the transaction amount as well, but HDFC says it differently.
"As per the current Finance Bill, all fees and transaction charges, levied in your card account, will attract a rate of GST @ 18%. In terms of these guidelines provided by the Finance Bill, the Bank will be levying the GST accordingly. Effective July 01, 2017 service tax rate of 15% is replaced by Goods & Service Tax (GST) at 18% and thereby like to confirm that GST component once charged will not be liable for any reversal . GST is government initiated item and a government guideline on taxes, as a bank we are abiding by it"
CAclubindia
