GST fitment committee set to review 18% tax on co-lending services
The Fitment Committee of the Goods and Services Tax (GST) Council is set to review the 18 per cent GST on co-lending services, following a report submitted by the State Bank of India (SBI)-led committee on co-lending. The Department of Financial Services (DFS), which had commissioned the report, had submitted a request to the Department of Revenue for a review of the GST on co-lending services, sources said.
The Fitment Committee will determine the extent to which the GST rate should be reduced. There are two possible options: one is a reduction for co-lending activities related to commercial vehicle loans.
