GST on interchange fees on card settlement fees paid/shared by banks: CBIC Clarify

Whether GST will be levied on interchange fees on card settlement fees paid/shared by banks?

Fees charged for card settlement is a consideration which is part of a separate  transaction between the banks which are parties to this transaction and shall be liable to GST.

This is a B2B supply and credit of this transaction is available.

Q 64 of GST FAQs on Financial Services Sector published by CBIC

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