No GST on Services by an acquiring bank, to any person in relation to settlement

 

Services by an acquiring bank, to any person in relation to settlement is exempted from paying GST

 

No GST on Services by an acquiring bank, to any person in relation to settlementAny GST payable for Services by an acquiring bank, to any person in relation to settlement of an amount up to two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service? Does Services by an acquiring bank, to any person in relation to settlement of an amount up to two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service fall under GST exemption list?


As per GST Law 2017, there is no GST payable on Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service.
So the rate of GST payable on Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card serviceis nil rate.

 

We already know that the GST slabs are pegged at 5%, 12%, 18% & 28%. under GST- 5 percent for essential goods, standard rate of 12 and 18 percent, high rate of 28 percent and peak rate of 28 percent plus cess for luxury items. The most essential goods and services attract nil rate of GST under Exempted Categories.

 

This information is about GST on Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service. Would you like to add more information about GST rate tariff on Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service? Share below your comments about Goods and Service Tax levied on Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service.

 

The above details about GST rate tariff on Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card serviceis only for information.

 

The validity of above information and amendments about GST rate on Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card servicemay be verified before any business dealing.

 

 

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I am doing Services by an acquiring bank, to any person in relation to settlement of an amount up to two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service. Should I need to pay GST?


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