https://www.taxtmi.com/manuals?id=2784 Exemption excludes taxation on services where consideration is solely interest or discount and on inter se foreign currency dealings among banks and authorised dealers; it also exempts acquiring-bank services for settlement of low-value card transactions. The acquiring bank definition includes banks, financial institutions and NBFCs. Incentives paid by the government to acquiring banks under a promotional scheme for debit card and low-value UPI transactions are treated as subsidy and not taxable, and further sharing of those incentives among ecosystem participants is non-taxable when distributed according to the scheme's allocation mechanism. en-us Wed, 31 May 2023 12:21:00 +0530 Fri, 19 Jul 2024 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=2784 Exemption excludes taxation on services where consideration is solely interest or discount and on inter se foreign currency dealings among banks and authorised dealers; it also exempts acquiring-bank services for settlement of low-value card transactions. The acquiring bank definition includes banks, financial institutions and NBFCs. Incentives paid by the government to acquiring banks under a promotional scheme for debit card and low-value UPI transactions are treated as subsidy and not taxable, and further sharing of those incentives among ecosystem participants is non-taxable when distributed according to the scheme's allocation mechanism. Manuals GST Wed, 31 May 2023 12:21:00 +0530 https://www.taxtmi.com/manuals?id=2784