The Department of Revenue has rejected a recommendation by a panel led by State Bank of India (SBI) to remove 18 per cent goods and services tax (GST) on activities related to co-lending among commercial banks and non-banking financial companies (NBFCs), according to a senior government official.
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“We will explore other approaches to address this matter,” the official said.
In May last year, the Department of Financial Services had asked SBI to set up a co-lending committee to sort out issues related to its business model.
Read more at: Business Standard
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