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Plea to withdraw service tax

Staff Reporter

KOCHI: The Kerala State Small Industries Association has demanded that the Union Government withdraw the service tax on current account deposits.

Association president Xavier Thomas Kondody said the service tax on deposits of Rs.10,000 to Rs.50,000 was Rs.10 and Rs.50 on sums of Rs.50,000 to Rs.1 lakh. It is unjustifiable to impose tax on deposits, which do not earn interest, he said in a statement. The move will result in distancing customers from the bank.

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