Hi Everyone,
In today’s modern era of technology, service industry is moving towards digital world where anyone can use services without standing in a queue and within a friction of minute.
Here I’m going to highlight the Affects of GST on Internet Banking services:
1) Goods & Services Tax has both positive and negative sides but when it comes to banking services then it has some downfall because of new tax policies.
2) People who are using internet banking services for which they were paying 15% of tax are now liable to pay 18% on the services.
3) GST has positive effects on manufacturing industry because it will remove all other taxes such as excise duties, etc. But parallely it will not benefit service industry much.
4) Now people have to pay 18% instead of 15% for internet banking services and other banking services also such as use of Debit cards, credit cards, etc.
So before using any of banking services I would like to advise you guys to ask your bank whether that particular service is taxable or exempted from tax.
Thanks All.