Banks will need to make registrations in each state separately under the GST law so that they are ready for the new indirect tax regime roll-out from 1 July, Revenue Secretary Hasmukh Adhia said on Monday.
"Banks will have to register separately in each state under GST. They do not have any option. That is the law under GST. We will try to ease out any hassles," Adhia told reporters here after meeting heads of public sector banks.
"Banks have to brace up for the Goods and Services Tax (GST). They can't say they are not ready," he said.
Adhia said that among other things the issue of registration under GST was discussed.
Bad loans and GST preparedness of banks was discussed among other issues here at the day-long review meeting of public sector banks with Finance Minister Arun Jaitley and other ministry officials.