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No GST On Withdrawal Of Cash From Banks: FM Sitharaman

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 “There is no GST on withdrawal of cash from banks… 5+5=10 transactions in a month is totally free when withdrawn from ATMs,” said Finance Minister Nirmala Sitharaman, in a discussion on the rising prices, in Rajya Sabha.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

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

Further, she said that there is no GST on loose food items. “The 5% tax is only on pre-packed and labelled items”. “All states at the GST Council agreed to the proposal to levy 5% GST on pre-packed, labelled food items; not one person who spoke against it.”


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TaxGyata Team

TaxGyata Team