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of <h1>GST Implementation Raises Tax on Financial Services to 18% from July 1, Affecting Credit Card Bills and Insurance Premiums.</h1> Credit card bills and insurance premiums will become costlier with the implementation of the Goods and Services Tax (GST) from July 1, 2017. The GST will replace the current 15% service tax with an 18% tax rate for financial services and telecom. Banks and insurers are notifying customers of the increased tax rates. For instance, ICICI Prudential Life Insurance indicates that term policy premiums and fund management charges will now incur an 18% GST. The GST will also affect endowment policies, raising the tax from 1.88% to 2.25%. A midnight event on June 30 will mark the launch of this tax reform.
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