GST tariff for Credit Card, Debit Card, Charge Card or Other Payment Cards Related Services

Posted on 11 April 2023 Category : GST rates

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GST slab rate on Debit Card, Charge Card, Credit Card or Other Payment Cards Related Services

Click here to know GST rate for this service

GST slab rate for Banking company issuing card to a card holder? How much GST for Financial institution issuing card to a card holder service? Amount of GST imposing on Non-banking financial company issuing card to a card holder service? How much GST tax for Enhancement of credit limit? Is GST charged on Change of address in card?

The details about GST rate changes for sale of Construction Services - Preferential Location and Development are being updated here. The notification changes on exemptions for GST for sale of Construction Services - Preferential Location and Development and other circulars related to GST for Live Animals are updated in this website.

Credit Card, Debit Card, Charge Card or Other Payment Card Service includes any service provided, -

(i) by a banking company, financial institution including non-banking financial company or any other person (hereinafter referred to as the issuing bank), issuing such card to a card holder;

(ii) by any person to an issuing bank in relation to such card business, including receipt and processing of application, transfer of embossing data to issuing bank's personalisation agency, automated teller machine personal identification number generation, renewal or replacement of card, change of address, enhancement of credit limit, payment updation and statement generation;

(iii) by any person, including an issuing bank and an acquiring bank, to any other person in relation to settlement of any amount transacted through such card.

Explanation -For the purposes of this sub-clause, "acquiring bank" means any banking company, financial institution including non-banking financial company or any other person, who makes the payment to any person who accepts such card;

(iv) in relation to joint promotional cards or affinity cards or co-branded cards;

(v) in relation to promotion and marketing of goods and services through such card;

(vi) by a person, to an issuing bank or the holder of such card, for making use of automated teller machines of such person; and

(vii) by the owner of trademarks or brand name to the issuing bank under an agreement, for use of the trade mark or brand name and other services in relation to such card, whether or not such owner is a club or association and the issuing bank is a member of such club or association.

Explanation - For the purposes of this sub-clause, an issuing bank and the owner of trade marks or brand name shall be treated as separate persons;

Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.

Some of the categories under Renewal or replacement of card service are exempted from paying GST. The list of exempted business category of services under Service including receipt and processing of application may be read in GST exemption category list issued by GST authorities.

Click here to know GST rate for this service

Click here to know GST exemption list of goods and service

This post explains about GST impact on Payment Cards Related Services. The information about GST rate changes for Payment updating and statement generation service are updated here. The notification changes on exemptions for GST for Debit Card related to GST are updated in this website soon.

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