Payment firms receive GST demand notice for transactions below Rs 2,000
By MYBRANDBOOK
Many payment companies, including BillDesk and CCAvenue, have received goods and services tax demand notices for the fee they charged merchants for digital transactions under Rs 2,000. GST officials are demanding tax from the financial year 2017-18 when the GST regime was implemented. The dispute is reportedly only on payments done through debit, credit cards and net banking, while transactions via UPI and RuPay cards are exempt from such taxes.
According to a news source, the industry executives claim that during demonetization, the government had issued a notification asking the aggregators - who provide payment support to retail and online merchants, to not charge GST for transactions up to Rs 2,000.
This development took place just two days before the GST Council meeting, where it is expected to clarify whether GST of 18 percent should be levied on digital payments of less than Rs 2,000 made through payment aggregators such as Pine Labs and Razorpay, according to another news report.
Currently, payment aggregators, who see digital payments such as QR scanning, POS machines, and net banking, are exempt from GST on transactions below Rs 2,000. A final decision will be taken by the GST Council on the recommendation of the rate fitment committee, the report added.
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