Banks will have a hard slog ahead to get GST-ready

The banking sector, one of the largest service sectors in the country, will have to put in plenty of hard work to get Goods and Service Tax (GST)-ready. While the change in tax rate is grabbing the headlines, that is actually one of the many changes to which banks will have to adjust. For most categories of chargeable banking services, the effective tax rate will become 18 percent from the current…