{"id":1288825,"date":"2024-12-23T14:35:52","date_gmt":"2024-12-23T09:05:52","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1288825"},"modified":"2024-12-23T14:36:27","modified_gmt":"2024-12-23T09:06:27","slug":"zero-gst-for-under-rs-2000-payments-on-paytm-google-pay-mobiqwik","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/zero-gst-for-under-rs-2000-payments-on-paytm-google-pay-mobiqwik\/","title":{"rendered":"Zero GST For Under Rs 2000 Payments On Paytm, Google Pay, MobiQwik"},"content":{"rendered":"\n<p>The GST Council\u2019s 55th meeting in Jaisalmer, chaired by Finance Minister Nirmala Sitharaman, addressed critical issues in the financial sector. Notable decisions included GST exemptions for specific payment aggregators and updates on penal charges and insurance premiums.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"924\" height=\"534\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/12\/IMG_20201129_123330.jpg\" alt=\"Zero GST For Under Rs 2000 Payments On Paytm, Google Pay, MobiQwik\" class=\"wp-image-1288830\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/12\/IMG_20201129_123330.jpg 924w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/12\/IMG_20201129_123330-300x173.jpg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/12\/IMG_20201129_123330-768x444.jpg 768w\" sizes=\"auto, (max-width: 924px) 100vw, 924px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">GST Exemptions for Payment Aggregators<\/h4>\n\n\n\n<p>Payment aggregators handling transactions below \u20b92,000 will now enjoy GST exemptions. These <a href=\"https:\/\/www.cnbctv18.com\/business\/finance\/gst-council-meet-sitharaman-clarifies-exemptions-payment-aggregators-loan-penal-charges-19527899.htm\">entities<\/a> pool funds from customers and transfer them to merchants, streamlining digital payments. However, the exemption does not extend to payment gateways or fintech platforms offering broader technological services.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">No GST on Penal Charges by Banks and NBFCs<\/h4>\n\n\n\n<p>The Council announced that penal charges imposed by banks and NBFCs for borrower non-compliance with loan terms, such as missing EMI payments, will not attract GST. This move clarifies the tax implications for penal charges, benefiting financial institutions and borrowers alike.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Deferred Decision on Insurance Premium GST Rates<\/h4>\n\n\n\n<p>Discussions on reducing GST rates for health and life insurance premiums were deferred due to differences among the Group of Ministers (GoM) members. Bihar Deputy Chief Minister Samrat Chowdhary indicated that further deliberations are required. The GoM is expected to reconvene in January to continue discussions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Implications for the Financial Sector<\/h4>\n\n\n\n<p>These decisions aim to provide clarity and relief in specific areas of the financial sector while deferring more complex issues like insurance GST rates for future discussions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The GST Council\u2019s 55th meeting in Jaisalmer, chaired by Finance Minister Nirmala Sitharaman, addressed critical issues in the financial sector. Notable decisions included GST exemptions for specific payment aggregators and updates on penal charges and insurance premiums. GST Exemptions for Payment Aggregators Payment aggregators handling transactions below \u20b92,000 will now enjoy GST exemptions. These entities [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1288830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[6776,6775],"class_list":["post-1288825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-payment-aggregators","tag-zero-gst"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zero GST For Under Rs 2000 Payments On Paytm, Google Pay, MobiQwik - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/zero-gst-for-under-rs-2000-payments-on-paytm-google-pay-mobiqwik\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zero GST For Under Rs 2000 Payments On Paytm, Google Pay, MobiQwik - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"The GST Council\u2019s 55th meeting in Jaisalmer, chaired by Finance Minister Nirmala Sitharaman, addressed critical issues in the financial sector. 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