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.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
VEHERE INTERACTIVE PVT. LTD.
HAVELLS INDIA LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
QUICK HEAL TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SOM SATSANGI
With more than three decades in the IT Sector, Som is responsible for ...
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
PARTNER SPEAKERS
PSU
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
