After the implication of GST on all working sectors of India, though highly predictable that there’s going to be a lot of fluctuations in the market. The same would be seen in the Forex market as well, banks and RBI import foreign currency which come under the customs act and previously paper money was exempted from customs duty and additional customs duty as per a notification of 2003.
Recent enforcement of IGST and Central GST (CGST) laws notify the rate of tax applicable on bank notes at 12%, only leaving out “rupee notes sold to RBI.” This has prompted the customs authorities to impose IGST on import of foreign currency notes. The banking industry feels that currency should not fall within the purview of GST as ‘goods’ under the GST law. It says this definition specifically excludes money and securities while covering every kind of movable property. (Courtesy ET)
As a result Indians travelling overseas may need to pay more for foreign currency notes they buy at home before leaving if the customs department has its way and imposes goods and services tax (GST) on their import into the country.
Education sector is also not left untouched. The education industry of our country is undoubtedly one of the largest worldwide. The rate of taxation is expected to range somewhere around 12% to 18% as compared to the existing 15%, the exact rate is difficult to be derived since the variety of the services offered is huge.
“This will drastically affect all our business verticals as this is the peak time for students seeking Foreign Education, education in India & people looking for last minute vacation options. I’m leaving out the Medical Tourism sector, which I suppose will be the most affected one after the Indian Tourism” says Mr. Yash Sharma of Quick Forex.
About Quick Forex
A Forex start-up being run by a young Entrepreneur Mr. Yash Sharma, who has managed to crack RBI certifications for Authorized Dealers in FOREX ranking 6th in Delhi and 82nd PAN India. Quick Forex helps its customers to buy forex for several purposes such as Personal Travel, Business Travel, Private Jets or Charters, Education, Emigration, Employment, Medical, etc. through simple and convenient use of any Digital Platform.
Below are few links for the Social Platforms which Quick Forex is active upon. These are just for reference and details.