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Personal Loans

Impact Of GST On Personal Loans

GST or Goods and services tax was implemented from 1st July 2017 which brought all goods and services in India under the ambit of taxation. GST has impacted personal loans as well. Before the GST era, a borrower had to pay a 15% service tax along with a processing fee. In the post GST scenario, a borrower is charged processing fee + 18% GST. 

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Units 7/8