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Sops for BHIM-UPI are subsidy not taxable

January 16, 2023

Sops for BHIM-UPI are subsidy not taxable

The Central Board of Indirect Taxes and Customs (CBIC) Friday clarified that incentives paid by the Ministry of Electronics and Information Technology (MeitY) to banks under the incentive scheme for promotion of RuPay Debit Cards and low value BHIM-UPI transactions are in the nature of subsidy and are not taxable.

“The incentive is in the nature of a subsidy directly linked to the price of the service and the same does not form part of the taxable value of the transaction in view of the provisions of section 2(31) and section 15 of the CGST Act, 2017,” CBIC clarification said.

The Goods and Services Tax Council in its 48th meeting in September had approved the clarification.

The Board also clarified that Compensation Cess at the rate of 22% is applicable on special utility vehicles SUVs with engine capacity exceeding 1,500 cc; the length exceeding 4,000 mm; having a ground clearance of 170 mm and above.

“One major clarity which has come is on the issue of applicable rate of compensation cess for SUVs/ MUVs. This issue seems to have been put to rest with the four conditions being explicitly spelled out for the levy of 22% GST compensation cess levy,” Abhishek Jain, Partner Indirect Tax, KPMG in India, says.

Important Links:

4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/

Tags:

BHIM UPIRuPayTransactions

MFIs to play leading role in India’s economic growth

Trends impacting future of Investment Banking

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