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TMI BlogExemption related To banking & financial Sector [Entry No. 27 &34 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... it card services; inter se sale or purchase of foreign currency amongst banks or authorised dealers of foreign exchange or amongst banks and such dealers. Mega Exemption Notification No. 12/2017-Central Tax (rate) dated 28.06.2017 defines the following terms: (zk) interest means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Bank means any banking company, financial institution including non-banking financial company or any other person, who makes the payment to any person who accept such card. GST shall not be charged on charges charged by bank of payment of upto ₹ 2000/- made by any person through card. The said exemption is to encourage online transaction for small amounts made by credit card, debit card, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debit card transactions and low value BHIM- UPI transactions up to Rs.2000 The service supplied by the acquiring banks in the digital payment system in case of transactions through RuPay/BHIM UPI is the same as the service that they provide in case of transactions through any other card or mode of digital payment it is hereby clarified that incentives paid by MeitY to acquiring banks under the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the incentive to the acquiring bank and it is further shared by the acquiring bank with the issuer bank. Issuer bank further shares the incentive with the Payer Payment Service Provider (PSP), which are typically banks, and the UPI app. The share of incentive paid by the acquiring bank to the issuer bank and further shared by the issuer bank to the Payer PSPs and the UPI app are decided by the NP ..... X X X X Extracts X X X X X X X X Extracts X X X X
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