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Don’t forget this — ever.
With the number of services being brought under the service tax net increasing continually, it’s good to keep the applicable service tax charges in mind when perusing a financial product or service offer.
Though your monthly cellular rental might be quoted as Rs 249, the actual rental is Rs 249 + 12.36% service tax = Rs 279.78. In general, the higher the bill, the higher the service tax charges.
Given human psychology, there’s good incentive for service providers to hide the service tax charges within fine print. It’s therefore prudent on your part to ask what the service charges are if you don’t find them published.
Tip Tuesdays is my new initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment or use this form to submit your tip. And, as always, do spread the word if you find this useful.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.