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Now GST is one of the most innovative step and India has finally come up with clear and better GST system and software. Visit us to know more

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kwikbilling

KwikBilling

Simple & Easy Gst Billing And Invoicing Software

TOPIC

TOPIC: :

GST on Banking & Other Financial Services: 5 Things

You Must Know

Now GST is one of the most innovative step and India has

finally come up with clear and better GST system and

software. Visit us to know more.

gst on banking other financial services 5 things

GST on Banking & Other Financial Services: 5

Things You Must Know

After struggling for years with the notorious tax system, India has finally come

up with clear and better GST system. Eliminating the problem of complexity

of various taxes, GST has come up as a rescue for not only businesses but also

for banking and other financial services.

So, here we are listing few things that you might know about GST on

banking and other financial services. Take a look:

It will increase the compliance level of banks

With the implication of GST now every bank need to get state wise

registration in every state in which it has its presence. This will further

lead to increase in compliance levels of every bank. And this will

directly increase the number of returns of each bank.

finding out place of supply will become more

Finding out ‘Place of supply” will become more critical

As we all know that GST is a “place of supply” tax system in which every

transaction needs to get details of its transaction. Thus, it will become

bit difficult for banks to determine place of supply which is surely not

an easy task. It becomes more tedious when you know that you have

never worked on it before.

Banking services will become bit expensive for end customers

With 18% GST rate on all banking services, there is direct 3% increase in

the price of banking services. From getting demand drafts to issuing

cheque books; everything will now become expensive especially for the

retail end customers. The new GST norms are as difficult for banks to

understand as for the common man.

more banking services will come under taxability

More banking services will come under taxability

Now, when we know that banking is not restricted to just cash

transactions, there will be lot more banking products and services that

will charged under GST taxation system. Any banking service that has

not been categorized under banking goods and commodity will now

becomes taxable under the banking service category.

After some time, banking will settle on right place

Definitely, it is not easy to complete you whole working procedures in a

day but after some time everything will surely settle on right place. As if

for now banks only need to work on their policies and procedures in

according to GST and slowly everything will come again in smooth flow.

Believe it or not but yes it is true that till now GST is one of the most

innovative steps that have been taken in the history of Indian economics. It

might be bit confusing initially but soon it will make the tax system clearer

and better. And to help you with its concepts, the internet is full of blogs and

articles that can help you get its better understanding.

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about the author

About the Author

With KwikBilling software, creating invoice is indeed the

easiest part of the job. Additionally, you are empowered

to manage the invoice and expenses and ensure easy

reporting, collect payments too. With KwikBilling

integrated invoice solutions, you would feel just hassle free.

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KwikBilling

www.kwikbilling.com

kwikbilling.com@gmail.com

108, 1st Floor Specialty Business Center, Balewadi, Pune, Maharashtra

+91 9713030021

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Reference:

https://www.kwikbilling.com/blog/gst-on-banking-other-financial-services-5-things-you-must-know.html