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GST

Goods and Services Tax as it applies to banking and trade.

Articles

GST on Banking Services: What Customers and Businesses Should Know

Most banking services attract GST, and businesses can often claim input tax credit on it. Here is a plain-language overview of how GST touches everyday banking.

12 Jul 2026 · 2 min read

Frequently Asked Questions

No — interest earned on savings and most deposit accounts is generally outside the scope of GST, since GST applies to fee-based services rather than to interest income itself.
Input tax credit is generally available to GST-registered businesses using the service for business purposes; individual consumers not registered under GST cannot claim ITC on personal banking charges.