GST only on fee-based financial services

FAQ on GST: Customs officer Norhayati Ab Rahim showing the guidebook.

PUTRAJAYA: Consumers need not fear they will be taxed heavily for financial transactions because GST will only be imposed on fee-based services, said Customs Department senior assistant director (finance and banking) Rozila Saad.

Financial services such as cash deposits or withdrawals, loans and bonds, late payment or finance charges, as well as interest earned from savings or fixed deposits were exempted from GST, she said.