A tax system, GST i.e. goods and service tax, has been implemented since July 1, all over India (excluding Jammu and Kashmir). GST Council divided all the goods and services into four tax slabs (5 percent, 12 percent, 18 percent and 28 percent). GST Council has kept 12011 items in these four categories.

About 80 items useful for the general public will be taxed on zero. Cigarettes, Alcohol, Electricity and Petroleum Products (Petrol, Diesel etc.) are now excluded from GST.

But in addition to implementing GST, one step of the Modi government has hit the common man with double slaps. In fact, after GST, banking services have become expensive, as it had to pay 15 percent tax, while 18 percent tax has been decided in GST.

I.e. services like demand draft, fund transfer from July 1 have become expensive Similarly, insurance premiums of term policies, endowment policies and ULIPS etc. have also become expensive.

Apart from this, the telephone bill will be 18 percent instead of the existing 15 percent, so the bill will also get more.

On the other hand, Modi Government has given a shock to the small investors and the interest paid on the Public Provident Fund (PPF) account, the Kisan Vikas Patra (KVP) and the National Savings Certificate (NSC) under the Small Savings Scheme has cut in.

On 30th June, the government has cut interest rates on 10 basis points on these small investments. Now, PPF and NSC will get 7.8 percent interest, while KVP will get 7.5 percent interest. Apart from these, the interest rates of Senior Citizens Savings Schemes and Sukanya Samridhi Yojana have also been revised. This system has also been implemented since July 1.

It means that you have to pay more for the services and the money you are investing for the savings, you will get money at a lower rate of interest.

(Click here for Android APP of IBTN. You can follow us on facebook and Twitter)

Share This News

About sharing