PayPal Is Going To Charge 18% GST from October
Implementation of 18% GST on Paypal services will be the saddest news for Indian users.
We are expecting this news from the date of GST implementation. And which is delayed due to the confusion among these companies about GST policies.
Now Paypal has officially confirmed in their Policy Updates about this.
In their new policy update, they remarked that:
PayPal is a global leader in digital payments available across 200 markets. Innovation is a core value for PayPal which helps us create amazing experiences for our customers. India is an important market and in order to enable us to provide superior customer experiences, we are updating the UA for PayPal India account holders.
This entails three critical elements-
- After the new UA is made effective, you will contract with PayPal Payments Private Limited, a company incorporated in India with CIN U74990MH2009PTC194653.
- We have updated our UA to comply with local laws applicable to Indian companies including local taxation laws. We have been advised PayPal Services will attract a GST rate of 18%. Please consult your tax advisors in terms of your eligibility for refunds.
- We look forward to increase the scope of PayPal Services in the future subject to regulatory approvals and enter into partnerships.
The actual effective date of the UA change will be notified later after 30 days of the days of notice. As our valuable customer, we hope to continue doing business with you. However for any reason you wish to discontinue doing business with us you have the option of closing your account within 30 days of the date of the notice.
So from October 2nd,2017 onwards these Polycie will be effective for Indian users.
GST implementation s only for PayPal services Not for the Total amount.