The Reserve Bank of India on 6th September 2022, has issued clarification on the queries regarding the applicability of GST on the service charges levied on cash deposited by non-chest bank branches to the Currency Chests.
As per the earlier notification, the service charges to be levied on cash deposited by non-chest bank branches shall be increased from the existing rate of ₹ 5/- per packet of 100 pieces to a higher rate subject to a maximum of ₹ 8/- per packet.
However, through this notification, it has been clarified that the amount levied on cash deposited by non-chest bank branches to the Currency Chests are exclusive of applicable taxes. The service charges mentioned above shall read as ₹5 plus applicable taxes per packet and ₹8 plus applicable taxes per packet, as the case may be.
