PUTRAJAYA, March 30 – The Goods and Services Tax (GST) for the finance and banking sector is based on fees and not on the amount transacted. Senior assistant director of customs (banking and finance) Rozila Saad clarified that GST is not charged on various activities such as bank accounts, deposits and withdrawals.
“It is fee based. For instance, 6 per cent GST is charged on opening of accounts.” The amount transacted is not affected. She was briefing the media ahead of the GST implementation on April 1.