The banking sector faces challenges under the new GST regime. Fees for services like NEFT, IMPS and RTGS will increase by 30-72 paise for lower amounts but Rs. 1.2-1.75 for higher amounts. Banks will need to issue invoices and upload them for all services to allow customers to claim input tax credit. While banks can claim more input tax credit under GST, imposing an 18% GST slab on the banking sector will increase costs for customers and discourage digital transactions promoted after demonetization. The government did not consider impacts on customers and banks are already dealing with NPAs, so the high GST rate on the banking sector may cause issues.
A study on GST and the areas of its impact in banking & financial servicesSwapna RBS
A brief study on GST, sectoral impacts, winners and losers of GST, rates of GST, Taxes subsumed by GST, areas of impact in banking and financial services, advantages of GST, challenges of GSt
The presentation consists:
Comparison of provision under ST and GST, Value of taxable supply, place of supply
Place of Supply _ GST
Taxable supplies
Bullion business vertical
Exempt services and supply
Analysis of Head wise Incomes earned by banks
Service Accounting Code
INPUT TAX CREDIT
List of common expenses & credit availability
How to Correct errors as Revision is not permissible
STOCK TRANSFER OF SERVICES_ ISD VS CROSS CHARGE
Some of the Grey areas
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
A study on GST and the areas of its impact in banking & financial servicesSwapna RBS
A brief study on GST, sectoral impacts, winners and losers of GST, rates of GST, Taxes subsumed by GST, areas of impact in banking and financial services, advantages of GST, challenges of GSt
The presentation consists:
Comparison of provision under ST and GST, Value of taxable supply, place of supply
Place of Supply _ GST
Taxable supplies
Bullion business vertical
Exempt services and supply
Analysis of Head wise Incomes earned by banks
Service Accounting Code
INPUT TAX CREDIT
List of common expenses & credit availability
How to Correct errors as Revision is not permissible
STOCK TRANSFER OF SERVICES_ ISD VS CROSS CHARGE
Some of the Grey areas
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
KEY FEATURES OF THE BOOK • Highlights of changes in Revised Model GST Law for easy understanding • Constitutional Amendments and likely date of GST Implementation • GST - Need & Necessity, Overview and Model for India • Discussion/analysis on Revised Model GST Law along with its comparison with First Model GST Law • Analysis of meaning of the terms 'Supply','Goods' and 'Services' in GST. • Gist of documents, information, procedure, etc., required for migration of existing registrants in GST • Discussion on various domains - intra-state supply and inter-state supply of goods and/or services, principles of place of supply & time of supply, valuation of goods and/or services, GST ITC, taxable person, appeals and revision, offences and penalties, demand and recovery, GST rate, e-commerce operator, etc., along with transitional provisions. • Discussion on contentious issues under Revised Model GST Law which requires reconsideration • Discussion on flow of input tax credit in GST with illustrations and negative list for GST ITC • Discussion on Draft Rules and procedural aspect of GST- Registration, Payment, Invoice, Returns and Refund • Impact of GST on business and specifically on manufacturers, traders and service sectors and preparation required for smooth migration • Transitional issues under GST along with effective tools for planning. • Likely challenges ahead for GST implementation • Way forward and Procedural changes in GST • Contains complete Revised Model GST Law, ModeI IGST Law and Draft GST Compensation Law along with Draft Rules and Formats on Registration, Payment, Invoice, Returns and Refund as released by the Government
This edition of GST book extensively covers in-depth analyses of Model CGST/SGST and IGST Act, 2016 and the Draft Business Processes released by the Government of India. This edition comprehensively discusses all the key GST provisions along with impact, preparations required for GST and challenges ahead, providing an insight to the readers for assisting in smooth transition to GST.
ABOUT THE BOOK
This edition of GST book extensively covers in-depth analyses of Model CGST/SGST and IGST Act, 2016 and the Draft Business Processes released by the Government of India. This edition comprehensively discusses all the key GST provisions along with impact, preparations required for GST and challenges ahead, providing an insight to the readers for assisting in smooth transition to GST.
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
Part 9- GST - Areas of Business Impacted (1)Hina juyal
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
How GST implementation will have a impact on hospitality sector?Ramya K
Hospitality Industry in India, a big contributor to the country’s economic growth is on high growth. Definitely, gst implementation from July 1,2017 will have huge impact on the hospitality sector.
Presented By http://www.4dhotelbookingsoftware.com/
KEY FEATURES OF THE BOOK • Highlights of changes in Revised Model GST Law for easy understanding • Constitutional Amendments and likely date of GST Implementation • GST - Need & Necessity, Overview and Model for India • Discussion/analysis on Revised Model GST Law along with its comparison with First Model GST Law • Analysis of meaning of the terms 'Supply','Goods' and 'Services' in GST. • Gist of documents, information, procedure, etc., required for migration of existing registrants in GST • Discussion on various domains - intra-state supply and inter-state supply of goods and/or services, principles of place of supply & time of supply, valuation of goods and/or services, GST ITC, taxable person, appeals and revision, offences and penalties, demand and recovery, GST rate, e-commerce operator, etc., along with transitional provisions. • Discussion on contentious issues under Revised Model GST Law which requires reconsideration • Discussion on flow of input tax credit in GST with illustrations and negative list for GST ITC • Discussion on Draft Rules and procedural aspect of GST- Registration, Payment, Invoice, Returns and Refund • Impact of GST on business and specifically on manufacturers, traders and service sectors and preparation required for smooth migration • Transitional issues under GST along with effective tools for planning. • Likely challenges ahead for GST implementation • Way forward and Procedural changes in GST • Contains complete Revised Model GST Law, ModeI IGST Law and Draft GST Compensation Law along with Draft Rules and Formats on Registration, Payment, Invoice, Returns and Refund as released by the Government
This edition of GST book extensively covers in-depth analyses of Model CGST/SGST and IGST Act, 2016 and the Draft Business Processes released by the Government of India. This edition comprehensively discusses all the key GST provisions along with impact, preparations required for GST and challenges ahead, providing an insight to the readers for assisting in smooth transition to GST.
ABOUT THE BOOK
This edition of GST book extensively covers in-depth analyses of Model CGST/SGST and IGST Act, 2016 and the Draft Business Processes released by the Government of India. This edition comprehensively discusses all the key GST provisions along with impact, preparations required for GST and challenges ahead, providing an insight to the readers for assisting in smooth transition to GST.
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
Part 9- GST - Areas of Business Impacted (1)Hina juyal
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
How GST implementation will have a impact on hospitality sector?Ramya K
Hospitality Industry in India, a big contributor to the country’s economic growth is on high growth. Definitely, gst implementation from July 1,2017 will have huge impact on the hospitality sector.
Presented By http://www.4dhotelbookingsoftware.com/
GST stands for Goods and Services Tax, India.
It is a comprehensive tax levied by the government on the supply of goods and services. It is also an indirect tax, replacing other central and state levied indirect taxes. GST has brought the whole India under one tax regime, saving time and resulting in a low tax burden.
GST - BOON OR BANE TO INDIAN ECONOMY
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Government may consider anti profiteering clause to ensure benefits of gst re...eTailing India
The government could consider an anti-profiteering clause to ensure the benefits of the goods and services tax (GST) are passed on to consumers and prices don't spike once the levy is rolled out, Finance Minister Arun Jaitley said. The matter will have to be discussed in the GST Council if it comes up as a subject for debate, he said.
"We are still far from that kind of thinking," Jaitley told reporters on Thursday, a day after the Rajya Sabha approved the constitutional amendment that will pave the way for GST.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdf
Econmis gst impact on the banking sector
1.
2.
3.
4.
5.
6.
7. The banking sector is one of the largest services sectors in
India. The implementation of the Goods & Services Tax
(GST) will likely prove to be a challenge for the sector on
two counts - First, due to the higher GST rates compared to
the current service tax rate and second, due to the vast
geographical reach of most banks.
With the GST coming close on the heels of demonetization,
the banking sector needs to ensure that they are ready for this
new tax regime.
8.
9.
10.
11. NEFT Fees Before
GST
Fees After GST Difference
Less than 10000 Rs 2.50 Rs 2.80 30 paisa
Above 10000 Rs 5.75 Rs 6.25 50 paisa
Less than 2lakh Rs 17.18 Rs 17.90 72 paisa
2lakh to 5lakh Rs 28.6 Rs 29.5 Rs 1.2
12. IMPS Fees Before GST Fees after GST Difference
Less than 1lakh Rs 5.75 Rs 6.25 50 Paisa
1lakh to 2lakh Rs 17.18 Rs 17.90 72 Paisa
2lakh to 5lakh Rs 28.6 Rs 29.5 Rs 1.2
13. RTGS Fees before GST Fees after GST Difference
2Lakh to 5Lakh Rs 28.6 Rs 29.5 Rs 1.2
5lakh to 10lakh Rs 57.25 Rs 59 Rs 1.75
14.
15.
16. Section 25 of the Model Law requires uploading of invoices on
Goods and Services Tax Network (GSTN) by 10th of the next
month.
It means wherever the recipient of service wants to avail input tax
credit, each and every document, where under certain fee or
commission or charges have been charged and on which GST is
levied, is required to be uploaded electronically on the GSTN by
the service provider.
It is a fact that banks do not issue commercial invoices for every
service rendered.
It would practically be a very difficult task to issue invoices for
such small amounts and uploading them on GSTN.
17.
18.
19. Bank will be able to set off their GST liabilities against credit received on purchase of goods.
Under the existing CENVAT mechanism, banks are eligible to take partial credit of excise duty and
service tax paid on procurement of qualifying goods and services which are used for provision of output
service but under GST law bank will take input tax credit which would be used by bank for payment of
output liability.
Banks do not get input tax credit of State VAT paid on any goods procured by them. As all these
indirect taxes will be subsumed in GST, banks will be able to take credit of GST paid on procurement of
goods as well.
GST Will help to reduce tax evasion. Under GST doing business will be easy. The increase in
business will lead to additional demand of funds. Addition demand of funds will lead to increase
in a number of transactions in the bank as the business and current scenarios ask to go for digital
transaction.
20. Based on the current scenario that the government had imposed 18% GST slab on the
Banking industry is totally absurd.
As per this Memorandum enacted by the FM Arun jaitely is really unethical as per the
Customer point of view because earlier they were paying 15% service tax and now from the
they Would pay 18% of all the services they have availed from the Bank.
From the bank point of view also this GST never be a good for them because already they
were dealing with the NPA’s and after demonetization there is another problem come
across.
The banks have to maintain separate books of account of all the branches located in the
different geographical location.
21. On the basis of findings we have came across the various suggestion that we would like to
Share from you, as we all know the NDA government implemented the GST on 1st July 2017
And give much more emphasis on this because it will be helpful for the people. And it is good
for the people that the government levied 12% on the domestic consumption but on the other Hand the
people were paying 6% more to the other services that is related to the banking.
During the demonetization the government gave much importance to the digital transaction
and people were being so zeal to do so.
But as they imposed 18% GST slab on the banking sector the people have to pay more for
the services they are availing from the bank. If the people tend to do digital transaction he
have to pay 3% more as per the GST slab.
Prior to imposed this GST slab on the banking sector a government should be first think about the
people because already there is an inflation and after implementation of this GST, there will be more
expenditure.