IT

After GST, service tax on ATM transactions goes up

After GST, service tax on ATM transactions goes up

According to media reports, revised tax rates wuld increase cost of a banking transaction which means customers will have to pay Rs 3 more for every Rs 100 withdrawn from ATM.

While clarifying that the GST has freed common people from at least 17 kinds of indirect taxes collected at the Centre and 13 kinds of taxes paid at the state level, he said that businessmen will no longer have to worry about their tax liabilities in each state.

Chidambaram said: "Aim was that one indirect tax will subsume all other indirect taxes, this GST fails to achieve that". "The Council is open to address the problems of different sections of the industry", said Naidu.

The Congress leader further said that their party would have capped the GST at 18 percent.

The Congress leader said the central government should have engaged leaders of political parties in opposition to forge a consensus on three rates but it failed to do so.




Chidambaram, who served as the finance minister under the UPA regime, emerged as one of the most vocal critics of the manner in which GST was rolled-out by the Narendra Modi-led regime.

"We are convinced that the administration and businesses, especially small and medium businesses, are unprepared or underprepared for the rollout of the GST".

Chidambaram also demanded that petroleum products, electricity and real estate be brought under the GST. We will press for a reduction in rates. We will highlight the elements of a true GST.

GST, hailed as the country's biggest tax reform since Independence, replaced a thicket of federal and state levies while transforming Asia's third-largest economy into a single market.

Renault India has implemented the Goods and Service Tax (GST) on its vehicles and has passed on the benefits to customers.


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