Banks in India take government to court over wealth services tax

Pedro Gonçalves
clock • 1 min read

Several banks in India have resolved to pursing legal action following the government's decision to levy services offered to customers who maintain large deposits for services like wealth management or lockers without paying an annual fee. Indian authorities have decided to view these "complementary" services provided to clients with large deposits as taxable. The government has alleged that through the deposit based services, cumulatively, over a dozen banks did not pay taxes worth Rs 18,000 crore. While notices were issued in April 2018, the banks remained in silence. Now, they are ...

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