What is IGST VPS in credit card statement?
Most of them don’t know what is IGST VPS in credit card statement or report is. IGST is referred to as Integrated Goods & Service Tax. Based on the one tax one nation concept, it is listed under the three categories of GST (Goods & Service Tax). The other categories are SGST, IGST, and CGST. IGST VPS will work under the Tax Act 2016 of IGST (Integrated Goods & Service Tax). The charges of IGST when transferring goods & services between inter-states. For example, if you are moving goods from Punjab to Mumbai then those goods are levied with IGST.
Moreover, the IGST revenues are properly shared by the Central government & State government according to their fixed authority rates. This integrated GST should be levied & collected by the inter-state center for supplying goods & services. According to the Constitution Article 269A, the supplies of GST within the Commerce or Inter-State trade are considered. Government of India will take the ownership to levied and collect the IGST charges. Based on the Goods & Services Tax Council’s recommendations (law provided by the Parliament) to apportion the taxes. It is properly shared between the States and as well as the Union.
What is IGST VPS in credit card statement is the most common question required by everyone. Most of the banks will collect the charges of IGST on their respective credit card statements or bills. This is applicable if you perform a foreign transaction or running EMIs on your credit card from previous month. However, different banks will utilize different labels to display the IGST charges on their statement.
For example, SBI (State Bank of India) will showcase the IGST charges as IGST DB @18.00 on credit card bill. Similarly, ICICI bank will display as IGST-CI@18 on the statement. Don’t be stress; these are common and standard to showcase the IGST charges on your credit card statement.
HDFC Credit Card – IGST VPS Charges
Have you seen what is IGST VPS in credit card statement or bill? The HDFC Credit Card bill will display the charges as IGST-VPS RATE-18.0 on your statement. If you are reviewing for the first time then wonder what is IGST VPS in credit card statement or report. Later, you may aware of the IGST VPS charges on your credit card bill statement. HDFC Credit Card Customer Support Team will assist the customers to know the clear information on IGST-VPS charges.
You can visit the official website for understanding what is IGST VPS in credit card statement or bill. Some of the reliable sources or trustworthy websites can also provide the required information for further assistance.
Credit Card Statement Charges for IGST VPS
On your netbanking website, you may view the entry of IGST-VPS RATE-18.0 in your billing history. Sometimes, it will be list under the unbilled section on your credit card statement even though the card is not utilized. Moreover, you can identify the IGST-VPS charges with the background check-up:
- Banks will not make the IGST-VPS charges for any regular transactions using your credit card.
- For late payments, you may receive the IGST-VPS debits and also processing fees for your credit card loans.
- Interest component rate of 18% is applicable for various transactions using your credit card. They are Smart EMI, Jumbo Loan, Insta Loan, and even other loan products.
- Credit Card EMIs has the applicable interest part to the ISGT-VPS charges
- Most of them don’t know the abbreviation of VPS. It is a banking code for your debit or credit card transactions.
- The service charge for the IGST-VPS at the rate of 18% according to the Indian new Integrated Goods & Service Taxes.
IGST-VPS – Identifying the Source
IGST-VPS might list on your Credit card statement due to loans presence and also EMIs mapped with your bank account. Just check the existing loans on your credit card for identifying the charges source of IGST-VPS. Do you want to understand what is IGST VPS in credit card statement then access your bank’s netbanking account. Navigate to the “Enquire” section and choose the “Loan Details” option. Now, select your respective credit card number and continue. Your netbanking website will display the entire list of existing EMIs. Just tap the available one to view the current month’s schedule payment details for your reference.
Make a note of your EMI’s interest part. Also, it is advisable to check your credit card’s unbilled section to confirm the same. As informed earlier, you can view the charges of IGST-VPS at the rate of 18%. This will also appear on your next month’s credit card bill or statement. Beside the EMI interest part, some banks will also charge for GST to different services for your credit card. The processing fee charges are also applicable while applying for Smart EMI, Insta Jumbo Loan, or Insta Loan. FCY markup processing fee along with IGST-VPS charges are applicable for making international transactions.
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