\n
\nAlarmed and unconvinced, the revenue department in the finance ministry has roped in other ministries to impress upon industry to adjust input tax credit against possible increase in tax liability. The tax credit being referred to will be on taxes paid on the purchase of ACs and furniture used in the service providers' offices.
\n
In the fast few days, banks have informed consumers that the tax burden on credit card<\/a> bills will increase from 15% to 18% from July. Similarly, telecom companies have said that monthly bills will rise as the gains from input tax credit will not be be significant. The only exception is state-owned Bharat Sanchar Nigam Ltd<\/a>.
\n
\"Tariff will not be changed in the GST<\/a> era. They will be maintained. They should remain at the same level,\" the loss-making company's chairman Anupam Shrivastava told TOI.
\n
In fact, citing financial stress in the sector, companies such as Idea and Airtel have pitched before an inter-ministerial group that telecom should be treated as an essential service and face a lower GST of 5% or 12%, instead of the current 18%. When the rates were decided last month, the government had said that the overall burden will not rise given that input credit will be available to companies. It had pointed to the telecom sector<\/a> to argue that cost will reduce by 3%.
\n
Insurance companies too have told policyholders that tax burden will push up the premium, with the maximum impact will be on pure term insurance<\/a> plans, where the levy will rise from 15% to 18%. So, if your annual premium for a Rs 1 crore term plan works out to Rs 25,000, GST will result in a tax burden of Rs 4,500, compared to Rs 3,750 currently. the impact will be lower for Ulips, where insurers charge a fund management fee and mortality charges. If your premium is, say, Rs 10,000 a year you currently pay Rs 75 as service tax<\/a>, and GST will push up this liability to Rs 90.
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\"Term insurance will bear a higher burden when as a country we need greater insurance penetration in the pure term insurance segment. World-over such products are exempted from tax or it is limited to the commission and reinsurance<\/a> fee,\" said Neetu Gupta, vice-president for taxation at Aviva Life.
\n
\nEven five-star hotels have sent out mails to customers, some of them to those have not stayed with them for years, announcing higher tax burden, although the government had said that the overall incidence was near existing levels, which includes service and state taxes.
\n
\nThe government is still not convinced with the argument being put forward by service providers. \"They should pass on the benefits of input tax credit to consumers, which will reflect in lower cost. We will request ministries to take up the matter with the service providers so that consumers are not robbed of any benefit,\" said an officer.
\n
Revenue secretary Hasmukh Adhia<\/a> has already got the housing ministry to shoot off letters to state governments, asking them to ensure that builders do not push up prices of under-construction houses or prompt buyers to get advance payments. \n<\/body>","next_sibling":[{"msid":59273420,"title":"Acer Spin 5 review: A powerful and sleek convertible at Rs 50,000","entity_type":"ARTICLE","link":"\/news\/acer-spin-5-review-a-powerful-and-sleek-convertible-at-rs-50000\/59273420","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":59279217,"entity_type":"ARTICLE","title":"Telecom to banking, most services to be costlier with GST","synopsis":"Even five-star hotels have sent out mails to customers, some of them to those have not stayed with them for years, announcing higher tax burden.","titleseo":"telecomnews\/telecom-to-banking-most-services-to-be-costlier-with-gst","status":"ACTIVE","authors":[{"author_name":"Sidhartha","author_link":"\/author\/19875\/sidhartha","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/19875.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":19875,"author_name":"Sidhartha","author_seo_name":"Sidhartha","designation":"Editor","agency":false}},{"author_name":"Pankaj Doval","author_link":"\/author\/19994\/pankaj-doval","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/19994.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":19994,"author_name":"Pankaj Doval","author_seo_name":"Pankaj-Doval","designation":"Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"TNN","artdate":"2017-06-23 07:51:18","lastupd":"2017-06-23 07:55:12","breadcrumbTags":["GST","policy","telecom sector","Credit card","Service tax","Bharat Sanchar Nigam Ltd","reinsurance","Term insurance","Hasmukh Adhia","insurance"],"secinfo":{"seolocation":"telecomnews\/telecom-to-banking-most-services-to-be-costlier-with-gst"}}" data-authors="[" sidhartha","pankaj doval"]" data-category-name="" data-category_id="" data-date="2017-06-23" data-index="article_1">
新德里:有些日子了,几个服务提供商——从保险和银行电信和酒店,已经觉得邮件发送给客户的警告GST-driven增加价格从7月1日开始。
震惊和不相信,收入部门财政部说服了其他部门留下印记行业调整进项税信贷可能增加纳税义务。税收优惠是指将税收支付购买ACs和家具中使用服务提供者的办公室。
在快几天,银行告知消费者的税负信用卡从7月账单将从15%增加到18%。同样的,电信公司表示,每月的账单将会上升的收益进项税信贷不会是重要的。唯一的例外是国有的Bharat Sanchar Nigam说有限公司。
“关税不会改变销售税时代。他们将保持。他们应该保持在同一水平,“亏损公司董事长Anupam Shrivastava告诉钢铁洪流。
事实上,引用行业金融压力,等公司的想法和Airtel搭在一群部际电信应该被视为一个重要的服务和面对较低的5%或12%的销售税,而不是目前的18%。上个月当利率决定,政府已经表示,总体负担不会增加考虑到输入信贷将提供给公司。指出电信部门认为成本将减少3%。
保险公司也告诉投保人,税收负担将推高溢价,影响最大的将是纯粹的定期人寿保险计划,征税将从15%上升到18%。所以,如果你的年保险费1卢比项计划是25000卢比,销售税将导致4500卢比的税收负担,而目前3750卢比。的影响会降低Ulips,保险公司收取基金管理费和死亡率的指控。如果你的保险费,Rs 10000你现在支付75卢比服务税,销售税将推高这责任Rs 90。
“定期人寿保险将承担更高的负担当作为一个国家我们需要更大的保险在纯定期人寿保险领域渗透。上有这样产品免征税或欧盟委员会和是有限的再保险费,”Neetu Gupta说,副总裁税收在英杰华的生活。
甚至五星级酒店发送邮件给客户,他们中的一些人没有和他们待了几年,宣布更高的税收负担,尽管政府曾表示,总体发病率接近现有的水平,其中包括服务和国家税收。
政府仍然不相信与被服务提供者提出的论证。“他们应该把进项税信贷消费者的好处,这将反映在成本较低。我们将要求部门占用了服务提供者,以便消费者不是剥夺任何好处,”军官说。
收入的秘书Hasmukh Adhia已经获得住房部门发去给州政府,要求他们确保在建房子的建筑商不推高价格或者提示买家提前支付。
震惊和不相信,收入部门财政部说服了其他部门留下印记行业调整进项税信贷可能增加纳税义务。税收优惠是指将税收支付购买ACs和家具中使用服务提供者的办公室。
在快几天,银行告知消费者的税负信用卡从7月账单将从15%增加到18%。同样的,电信公司表示,每月的账单将会上升的收益进项税信贷不会是重要的。唯一的例外是国有的Bharat Sanchar Nigam说有限公司。
“关税不会改变销售税时代。他们将保持。他们应该保持在同一水平,“亏损公司董事长Anupam Shrivastava告诉钢铁洪流。
事实上,引用行业金融压力,等公司的想法和Airtel搭在一群部际电信应该被视为一个重要的服务和面对较低的5%或12%的销售税,而不是目前的18%。上个月当利率决定,政府已经表示,总体负担不会增加考虑到输入信贷将提供给公司。指出电信部门认为成本将减少3%。
保险公司也告诉投保人,税收负担将推高溢价,影响最大的将是纯粹的定期人寿保险计划,征税将从15%上升到18%。所以,如果你的年保险费1卢比项计划是25000卢比,销售税将导致4500卢比的税收负担,而目前3750卢比。的影响会降低Ulips,保险公司收取基金管理费和死亡率的指控。如果你的保险费,Rs 10000你现在支付75卢比服务税,销售税将推高这责任Rs 90。
“定期人寿保险将承担更高的负担当作为一个国家我们需要更大的保险在纯定期人寿保险领域渗透。上有这样产品免征税或欧盟委员会和是有限的再保险费,”Neetu Gupta说,副总裁税收在英杰华的生活。
甚至五星级酒店发送邮件给客户,他们中的一些人没有和他们待了几年,宣布更高的税收负担,尽管政府曾表示,总体发病率接近现有的水平,其中包括服务和国家税收。
政府仍然不相信与被服务提供者提出的论证。“他们应该把进项税信贷消费者的好处,这将反映在成本较低。我们将要求部门占用了服务提供者,以便消费者不是剥夺任何好处,”军官说。
收入的秘书Hasmukh Adhia已经获得住房部门发去给州政府,要求他们确保在建房子的建筑商不推高价格或者提示买家提前支付。
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