Vivek Jalan
Quick Summary
To clarify that RBI-regulated Payment Aggregators are eligible for the exemption under entry at Sl. No. 34 of notification No. 12/2017-CT(R) dated 28.06.2017 since they fall within the ambit of 'acquiring bank' as defined in the said entry. To also clarify that this exemption does not cover payme
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FAQ :
RBI-regulated Payment Aggregators are eligible for the GST exemption as they fall within the definition of 'acquiring bank'.
No, Payment Gateways and other fintech services that do not involve the settlement of funds are not covered by this exemption.
A Payment Aggregator is a third-party processor that facilitates online transactions between businesses and customers, enabling acceptance of various payment methods.
A Payment Gateway is a digital service that acts as a secure bridge between a merchant and a bank, allowing businesses to accept payments through websites or apps.
The exemption is granted under entry at Sl. No. 34 of notification No. 12/2017-CT(R) dated 28.06.2017.
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