Is Digital Transaction Taxable? GST impact on Online Transactions in India

GST Impact on Online Transactions

Even though the government of India is encouraging people to use digital money more in place of real money, most people aren’t even aware that these online transactions are taxable. Want to know how much money you are paying as GST to banks for each of the transactions you perform online or through your mobile phone? Here you go.

GST rate on Online Transactions

The old service tax (which was 15%) on bank payments and online transactions has now been replaced by GST at the standard rate of 18%. This tax shall be applicable on the fee levied by banks on the online transactions performed by their users. That means users will now have to pay 18% GST taxation rate on their bank transaction fees. Let’s understand by the example of the State Bank of India (SBI). Read More


Impact of GST on Insurance Premium and Bank Charges

GST on Insurance Premium and Bank Charges

How will GST impact on the insurance premium?

Is there GST on bank charges?

Read this article to clear all your doubts.

The old tax rate on financial services such as banking charges and insurance was 15%, which has been replaced by 18% after the implementation of GST in the country. As the result of the increased tax rate, both services got more expensive in the post-GST era. Whereas the premiums for all types of insurances have gone up, the charges for common banking services have also been revised. Read More