GST Rates To Get Revised on These Products From August 1st
Come August 1, and there will be some changes in the GST rates and it is expected that it will impact the pockets of common people.
In its last meeting, the GST or Goods and Services Tax Council decided to revise the tax rates applicable to electric vehicles and their chargers, among other changes. State Bank of India (SBI) has made certain changes to the charges levied by it for instant money transfer services, and revised the interest rates it offers on term deposits. These changes will also take effect on August 1.
Here’s a brief description of the changes in the rates announced recently which will come into effect on August 1:
GST Council Rate Cut on Electric Vehicles
The GST Council has decided to reduce the tax rate on electric vehicles (EVs) to 5 per cent from the existing 12 per cent. The new Goods and Services Tax (GST) rate on EVs will be effective from August 1. The GST rate on all EVs has also been reduced from 12 per cent to 5 per cent. Additionally, the tax rate on chargers or charging stations for EVs has been slashed from 18 per cent to 5 per cent. The council also approved GST exemption for hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities from August 1.
Reduction on IMPS charges by State Bank of India
State Bank of India or SBI has decided to do away with IMPS (Immediate Payment Service) charges for its internet banking, mobile banking and YONO (You Only Need One) customers. IMPS is an instant payment service that enables round-the-clock money transfer through the use of mobile app, mobile banking or internet banking. For bank branches, SBI has announced a waiver on IMPS charges for fund transfer up to Rs. 1,000.