How will GST impact on the insurance premium?
Is there GST on bank charges?
Read this article to clear all your doubts.
The old tax rate on financial services such as banking charges and insurance was 15%, which has been replaced by 18% after the implementation of GST in the country. As the result of the increased tax rate, both services got more expensive in the post-GST era. Whereas the premiums for all types of insurances have gone up, the charges for common banking services have also been revised.