GST exemption for banking services to BSBD account holders under PMJDY clarifies tax relief for basic deposit services. Services provided by a banking company to holders of Basic Saving Bank Deposit (BSBD) accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) are exempt from Goods and Services Tax. 'Banking company' carries the meaning given in clause (a) of section 45A of the Reserve Bank of India Act, 1934. The exemption was inserted by Notification No. 29/2018-Integrated Tax (Rate) effective 1 January 2019.
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GST exemption for banking services to BSBD account holders under PMJDY clarifies tax relief for basic deposit services.
Services provided by a banking company to holders of Basic Saving Bank Deposit (BSBD) accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) are exempt from Goods and Services Tax. "Banking company" carries the meaning given in clause (a) of section 45A of the Reserve Bank of India Act, 1934. The exemption was inserted by Notification No. 29/2018-Integrated Tax (Rate) effective 1 January 2019.
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