Goods and Service Tax

The purpose of GST was to bring in the 'one nation one tax' system, but the impact it has created has been different based on the industry; manufacturing, distributing, retailing or a service providing industry. At present GST is implemented in four tax slabs; 5%, 12%, 18%, and 28% and most of the industries are still in doubt on how these will impact their future growth. Customers are concerned on how much they will need to shed for the purchase of their preferred goods or services. Let's have a look at the changes in effect post implementation of GST. Changes after GST implementation Banking Sector: With the implementation of GST, transaction and service charges of banks have increased. Tax rate has changed from 15% to 18% with the GST coming into effect. Increased tax has also reflected in transactions like ATM transactions, credit card payments etc.. Most of the banks including Vijaya Bank , had notified customers about the revised service charges that w