It's only but a month left till goods and service tax (GST) sees the sunshine of the day. India's biggest tax overhaul crossed its final hurdle last week once GST Council in agreement to tax gold and silver jewellery at three per cent rate.
With GST to be enforced from 1st July, It is the ideal time to visualize if your monthly budget are going to be affected below the new tax regime. We've place down an inventory of products and services which will become cheaper or costlier once GST comes into force.
Gold: GST council has fastened the rate of the precious metal at three per cent. GST council on 3rd June created a brand new bracket for gold, diamonds and silver. company registration in India. The present excise duty on gold was one per cent and one per cent VAT in many nations. With three per cent GST, Gold is ready to become costiler July onward.
Insurance: Premiums square measures set to rise on automative, health and insurance with the govt. company formation in India. The currently, insurance is taxed at fifteen per cent. Under GST, this might go up to eighteen per cent in.
Banking Charges: The dealing fee on varied banking and money services square measure expected to travel up as GST can tax these services below eighteen per cent rate from the present fifteen per cent.
Insurance: Premiums square measure set to rise on automotive, health and and insurance with the govt.. Currently, insurance is taxed at fifteen per cent. Under GST, this might go up to eighteen per cent.