The New GST Tax System is active today. Now if you go to market or using banking services, then you may aware till now about the expensiveness of these services.So for this The Smart Innovator – Innovation for people brings My Financial with New GST System-The Smart Innovator
From Now Banking Services like Bank transactions, Credit Card Payment and even your Insurance policies now come under GST that is from 15% to 18%. GST will be levied at the rate of 2.25 per cent for premium payment for endowment policy. Currently, customers pay 1.88 per cent service tax on endowment policies.
So if you see any changes in Banking Services in terms of charges, then it probably due to GST. It seems difficult to understand the GST effect on each thing now, but banks are invited each individual for any queries.So if you have any queries related to GST Banking Services affect then ask for customer care or go personal visit to your branch.
Almost all the banks and insurance companies have sent messages and mails to their respective customers about the new tax rates which will be charged. LIC issues a document about their policy changes due to GST as below:
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