INSUBCONTINENT EXCLUSIVE:
A number of changes in the interest and tax rates have been announced recently which will take effect on August 1
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
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
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
The bank will now offer an interest rate of 5 per cent to general public and 5.5 per cent to senior citizens on fixed deposits of 7-45 days
Previously, the public sector bank paid interest at the rate of 5.75 per cent and 6.25 per cent to the general public and senior citizens
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