GST EFFECTS ON ONLINE TRANSACTIONS IN INDIA

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Government of India encouraging people to use digital or online transactions to pay bills, recharges and choose to be cashless all the time.Most people do not know that these transactions are taxable and GST be applied on all kinds of transactions.

http://www.ssstp.com/


GST ON ONLINE TRANSACTIONS: On every bank transactions here gst charged rate is 18%. It means now you have to pay 18% tax on all bank online transactions.

Now lets see some of the SBI bank GST charges on online transactions here blow:

GST ON NEFT WITH SBI ONLINE: 



  • For online transactions up to Rs. 10,000: 1 rs. + GST 18% (of 1rs.).
  • For transactions from Rs. 10,001 to 1,00,000: 2 rs. + GST 18%.
  • For transactions from Rs. 1,00,001 to 2,00,000: 3 rs. + GST 18%.
  • For transactions above Rs. 2,00,000: 5 rs. + GST 18%.
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    GST ON NEFT WITH SBI BANK BRANCH: 

    • For SBI bank branch transactions up to Rs. 10,000: 2.50 rs. + GST 18%
    • For transactions from Rs. 10,001 to 1,00,000: 5 rs. + GST 18%
    • For transactions from Rs. 1,00,001 to 2,00,000: 15 rs. + GST 18%
    • For transactions above Rs. 2,00,000: 25 rs. + GST 18%
    GST ON RTGS TRANSACTION ON SBI ONLINE: 

    • For amount 2 to 5 lakh: 5 rs. + GST 18%
    • For amount above 5 lakh: 10 rs. + GST 18%
    GST ON RTGS THROUGH SBI BANK BRANCH: 

    • For amount 2 to 5 lakh: 25 rs. + GST 18%
    • For amount above 5 lakh: 50 rs. + GST 18%
    GST ON IMPS IN SBI ONLINE

    • Transfers up to Rs. 1,000: No fee
    • From Rs. 1,000 to Rs. 10,000: 1 rs. + GST 18%
    • From Rs. 10,000 to Rs. 1,00,000: 2 rs. + GST 18%
    • From Rs. 1,00,000 to Rs. 2,00,000: 3 rs. + GST 18%

    GST ON MOBILE WALLETS TRANSACTIONS:
    Many wallets available right now in market like PAYTM, MOBIKWIK,PAYZAPP here are the GST rates listed:

    • Paytm to Paytm transfer: Free of cost
    • Paytm to bank transfer: 3% + GST
    • Mobikwik: 4% + GST
    • HDFC Payzapp: 2% + GST
    Now comes to the conclusion part all online and offline transactions are costlier than before as after GST comes. But as changes been made lets see in the future what comes under GST.

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