All major banks help customers to pay their dues by converting the credit card bill amount to EMI payments. After converting the EMI repayment process becomes more manageable which in turn helps users save money. But at the end of the cycle customers have to pay a minimum amount due on their credit card and also the EMI amount. After the introduction of GST, a customer needs to know
how much GST on credit card EMI.
Get your loan sanctioned with minimal paperwork through NoBrokerHow GST is calculated on credit card EMI?
After the introduction of the GST all types of credit cards incur a GST of 18%. Before the introduction of GST, taxes were incurred at 15% on GST. You should know that this tax will be applicable on credit card EMIs, processing fees, late payment charges, annual fees, over-limit charges and other charges levied by the service provider.
Besides the GST, banks also levy common fees and charges applicable to the credit card. Those include
Overtime fee (if you utilise more than your credit card limit)
Late payment fees (if you fail to pay the due within the specific time).
Annual fee or joining fee charged for the credit card.
Foreign exchange markup fee
Any other charges levied by the credit card provider.
I hope you have a clear idea regarding GST on credit card EMI.
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How much GST on credit card EMI?
Nitish
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1 Year
2022-11-15T09:57:45+00:00 2022-11-15T09:57:47+00:00Comment
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