10% deducted from an International payment received
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Hi All,
I would like to know why approximately 10% were deducted from a payment I received from overseas.
Thanks.
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Receiving international transactions
Where sender’s country/territory is: Outside of India (IN)
Rate: 4.40% + Fixed Fee
There could be GST taxes on the PayPal fees:
"Goods and Services Tax (GST) is a comprehensive indirect tax on all transaction of goods and services throughout India. It’s calculated at 18% on all types of fees (not purchase amounts) charged by PayPal for its services to all India users.
GST will be levied on the fees for all international and domestic transactions for both Business and Individual accounts registered in India. A consolidated invoice will be shared with you at the end of every month. Merchants/freelancers may be eligible for refunds or set off the GST charged – please consult your tax advisor for details."
Kudos & Solved are greatly appreciated. 🙂
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