A State Bank of India (SBI)-led committee to encourage co-lending between commercial banks and non-banking financial companies (NBFCs) has recommended doing away with the goods and services tax (GST) of 18 per cent.
"The SBI-led co-lending committee has submitted the report to the finance ministry, recommending that no GST should be imposed on co-lending-related activities. The report also recommends that co-lending should be restricted to priority sector lending, not extended to other areas, due to the larger associated risks," said a person familiar with the matter.
In May 2024, the Department of Financial Services (DFS), a division of the finance ministry, asked SBI to establish a co-lending committee to address issues related to its business model.
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