Financial Services
India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial services firms and new entities entering the market. The sector comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities.
Service Tax
What is GST
Goods and Services Tax (in short ‘GST’) is by far one of the most awaited tax reforms in the country. With the emerging consensus amongst the political parties and the push voiced by the industry, there is a lot of expectation that the Constitutional Amendment Bill will be passed in this Monsoon Session. If this happens, the Government is likely to push the implementation of GST with effect from 1st April 2017.
As the name suggests, Goods and Services tax is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, etc. This is how it is done in most developed countries.
Implications of GST
GST Impact
Financial services
The GST tax rate is based on the destination based consumption principle. It means that the GST liability would finally accrue at the point where the goods were supplied to or where the service was consumed. This means the final customer will pay the GST. The very concept would not find easy acceptance with the people. A lot of education and learning has to be propagated for the people to understand the implications.
GST Registration
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