Goods and Services Tax (GST)
- ICICI Bank does not charge anything for Wire Transfers except for Service Tax on Foreign Currency Conversion. The remitting bank/correspondent bank may levy charges for the wire transfer.
- Goods and Service Tax will be levied on the converted gross INR amount in accordance to GST Bill 2017 passed by the Government of India w.e.f. July 1, 2017. Please check the given below slab-wise GST structure.
Amount of currency exchanged
|
Derived Value on which GST will be charged
|
GST on derived Value ( for rate@ 18%* )
|
---|---|---|
Up to INR 100,000 | 1% of gross amount exchanged, subject to minimum amount of INR 250 | INR 180 ( For exchange amount of INR 1,00,000) |
From INR 100,001 to INR 10,00,000 | INR 1000 for Exchange amount of INR 1,00,000 plus 0.5% on remaining amount exchanged | INR 990 (For exchange amount of INR 10,00,000) |
Above INR 10,00,000 | INR 5500 for Exchange amount of INR 10,00,000 plus 0.1% on remaining amount exchanged, subject to maximum of INR 60,000 | INR 1170 (For exchange amount of INR 20,00,000) |
* 18% considered for the purposes of numeric understanding only. Applicable rate of CGST / SGST or IGST will be basis the Recipient’s GST no or address registered with M2I.