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HomeGST55th GST Council Meet: No GST On Transaction Less Than Rs. 2k...

55th GST Council Meet: No GST On Transaction Less Than Rs. 2k Via Payment Aggregators

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By Mariya Paliwala
55th GST Council Meet: No GST On Transaction Less Than Rs. 2k Via Payment Aggregators

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The 55th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Jaisalmer, Rajasthan, today. 

The council has recommended that no GST is payable on payment Aggregators who do less than Rs. 2k payment are eligible for GST exemption. However, GST exemption is not applicable on payment gateways and other fintech services.

The council clarified that RBI regulated Payment Aggregators are eligible for the exemption under entry at Sl. No. 34 of notification No. 12/2017-CT(R) dated 28.06.2017 since they fall within the ambit of ‘acquiring bank’ as defined in the said entry. 

The council further stated that GST exemption does not cover payment gateway (PG) and other fintech services which do not involve settlement of funds.

Read More: 55th GST Council Meet: GST Rate Increase from 12% to 18 % On Sale Of All Old And Used Vehicles, Including EVs

Click Here To Read Press Release
Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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