PETALING JAYA: Banking associations have reassured the public that the upcoming expansion of the service tax which on July 1, 2025, will not affect commonly used basic banking services.

No service tax on basic banking transactions under expanded service tax scope The service tax will be imposed at a rate of 8% on fee and commission-based financial services.

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This basic exemption limit has been increased to Rs 4 lakh under the new income tax regime in the current financial year 2025-26 - for which you will file your ITR next year.