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GST impact: credit card charges and Insurance premiums to go up
Posted on: 21/Jun/2017 4:41:11 PM
Implementation of GST will impact on the credit card charges and the Life Insurance premium which will go up.
GST (Goods Services Tax), a new system, which is considered to be the biggest tax reform carried out in the history of the country, is set to be implemented from 1st July throughout the country ushering in an era of uniform taxes throughout the country.
Until now, the tax slab for credit charges and life insurances premiums were under the 15% tax slab. However, under GST, this is raised to 18% slab. So, they will go up.
Various banks such as State Bank of India, HDFC, and Standard Chartered Bank have started sending SMS to their customers regarding the upward revision in credit card charges.
