GST on Funds Transfer

03 December 2017

Is there any GST charged on NEFT(inter bank) funds transfer?

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7 Replies

RAJA P M ("Do the Right Thing...!!!") (127269 Points)
Replied 03 December 2017

What purpose it's transfer...?

No... GST not applicable for fund transfers...

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Ravi Kumar Somani (Indirect Taxes Specialization) (3893 Points)
Replied 04 December 2017

No, if it is a mere transaction in money and there is no any underlying supply of goods or service attached to such fund transfer.

sumadhura arya (44 Points)
Replied 04 December 2017

sir, the purpose is for deposit in account of another bank, not a home branch. They charged GST for such interbank transfer

sumadhura arya (44 Points)
Replied 04 December 2017

The transfer amount is below ₹1000 & above ₹500

RAJA P M ("Do the Right Thing...!!!") (127269 Points)
Replied 04 December 2017

Oh... It's bank transactions (serviceg charge. GST applicable for the service. You can take it as ITC...

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sumadhura arya (44 Points)
Replied 04 December 2017

ok sir Thank you

RAJA P M ("Do the Right Thing...!!!") (127269 Points)
Replied 04 December 2017

You are welcome Dear

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