Financial services become more expensive

If an average inflation rate of seven per cent, since the beginning of the year, wasn’t enough, the government has made operating several financial products, among other services, more expensive. In the Union Budget 2012-13, the scope of services that are taxed was widened and the tax raised to 12.36 per cent from 10.3 per cent. These taxes, which have come into effect from July 1, are likely to make transfer of cash, buying and selling of mutual funds and insurance and buying currencies costlier



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