Prospects of bank transaction charges to go up from 1st July
Posted on: 21/May/2017 8:55:25 AM
As the central government has decided to increase the taxes on financial services to 18 percent in the proposed GST (Goods and Services Tax), the banking charges for transactions will also go up.
Presently, the financial services are taxed at 15 percent. As the tax rate is being increased, the financial experts opine that Rs. 3 will have to be paid as transaction charges for every transaction of Rs. 100.
The institutions, companies and financial institutions may not find it as a burden – but for the common man, the individual savings account holder, this will make way for more expenditure.
As for the insurance policy premiums, the tax percentage will be based on the structure of the insurance coverage and sorted as per the risk premium.
