Need to know whether closed pre-payments Instruments is chargeable under GST by RBI or Banks while providing this services to the company.
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GST Section related to Closed Pre-Payment Instruments
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Summary: The issuance of closed prepaid payment instruments (like gift vouchers) is generally not subject to GST because it is not considered a supply of goods or services. Taxability is typically triggered only at the time of redemption, when the instrument is used to purchase specific goods or services. Any separate processing or convenience fees charged for the service remain taxable.
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