India

GST Council To Consider 18% Tax On Payment Aggregators For Transactions Up To Rs 2,000!

The final decision will be made at the GST Council’s 54th meeting. The GST Council may consider the proposal to impose 18 percent Goods and Services Tax (GST) on payment aggregators (PAs) to facilitate small value digital transactions of up to Rs 2,000 through debit and credit cards. Currently, payment aggregators were exempted from GST on transactions less than Rs 2000.

GST Council may clarify that payment aggregators like PineLabs, Razorpay whose platforms can be used for digital payments (QR scanning, POS machine, net banking) of less than Rs 2000 through debit cards, credit cards etc. However, they will have to pay GST on the income earned to facilitate this transaction.

jr staff

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