No GST on Withdrawal Of Cash From Banks-edueasify

There is no GST on cash withdrawal from banks, said Finance Minister Sitharaman on Tuesday. “There is no GST on cash withdrawal from banks… 5+5=10 transactions in a month is totally free when withdrawn from ATMs,” said Finance Minister Nirmala Sitharaman, in a discussion on the rising prices, in Rajya Sabha.

She added that GST tax only on banks purchasing cheque books from printers. She said there is GST on customer cheques and on the withdrawal of cash from banks.

She said there is GST on customer checks and cash withdrawals from banks. She further added that the tax on a hospital bed or ICU, a room with a rent of ₹5,000 per day only, are exempted from GST.

Further, she said there is no GST on retail food items. “The 5% tax is only on pre-packaged and labeled items.” “All states in the GST Council agreed to the proposal to levy 5% GST on pre-packaged, labeled food items; There is not a single person who speaks against it.”

Read More: 6 Common Tax Filling Mistakes You Must Avoid

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