GST Exemption for Acquiring Banks on Transactions Up to 2000 via Credit, Debit, and Payment Cards Clarified

Services provided by acquiring banks for settling transactions up to two thousand rupees via credit, debit, charge, or other payment cards are exempt from GST under CGST, UTGST, SGST, and IGST. An acquiring bank includes any banking company, financial institution, or non-banking financial company that processes such payments. Clarifications address GST exemption applicability to Payment Aggregators and incentives shared within the digital payment ecosystem for promoting RuPay Debit Cards and low-value BHIM-UPI transactions. Additional clarifications relate to incentives paid by the Ministry of Electronics and Information Technology to acquiring banks under these schemes.