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of <h1>India exempts service tax on card transactions up to Rs. 2000 for acquiring banks, effective December 8, 2016.</h1> The Government of India, through the Ministry of Finance, has amended the exemption notification No. 25/2012-ST to exempt services provided by acquiring banks in relation to the settlement of transactions up to two thousand rupees using credit, debit, charge, or other payment cards. This amendment, under notification No. 52/2016-Service Tax, is in the public interest and is effective from December 8, 2016. The term 'acquiring bank' includes banking companies, financial institutions, and non-banking financial companies that facilitate payment acceptance for such card transactions.
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