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Ex-RBI Governor Rangarajan: new UPI MDR on merchant payments above ₹2,000 should not attract GST
Rangarajan said the levy on UPI would automatically attract GST because it is a price paid, and urged the GST Council to state clearly that no GST should apply. He called charging merchants a legitimate question, given the cost of operating the infrastructure.
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What it means for online and offline
In diligence on retail, payments or fintech targets, run UPI economics with and without GST on the MDR for tickets above ₹2,000, because the unsettled tax treatment could move both margin assumptions and valuation.
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