GST Exemption available to RBI regulated Payment Aggregators (PAs) which involves Handling Money: CBIC

The CBIC has announced a GST exemption for RBI-regulated payment aggregators (PAs) handling money. Payment aggregators, such as those facilitating digital payments, will be exempt from GST on their services. This decision aligns with the government's efforts to promote digital payments and streamline the payment processing ecosystem. By exempting these entities from GST, the government seeks to reduce the cost of digital transactions and encourage the growth of digital payment platforms, benefiting both businesses and consumers.