What is Goods and Services Tax (GST)? Who is required to charge GST?
GST is a comprehensive destination based ‘consumption tax’ levied on the supply of all goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff.
Any person making taxable supplies of goods and services would be required to charge Central GST (‘CGST’) & State GST (‘SGST’) on intra State supplies and Integrated GST (‘IGST’) on inter State supplies.
What are the charges that will attract GST? How will I be impacted?
Interest will not be subject to GST (except credit card interest). All other charges/fee will attract GST @ 18%.
Existing Service Tax rate of 15% will now be replaced by GST @18%.
Will Bank provide proper invoice/advice showing basic amount of bank charges and GST amount separately?
Yes, Bank will issue the invoice/advise showing basic amount of charges and GST amount.
Invoices are issued for each entry which is debited to the account towards GST along with breakup of CGST, SGST, UTGST or IGST. GST invoices can be issued only for those cases where GSTIN is updated in the account prior to execution of transaction.
How can I update GSTIN in my account?
a. Branch: You can submit a duly filled application form at our branch. Click here to download the form. b. Internet Banking: You may update GSTIN through Corporate Internet Banking/Retail Internet Banking. Login >> Click on Services >> Select Update GSTIN
Goods And Service Tax Or GST
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