GST On Prepaid Payment Instruments-To Pay or Not to Pay. Sequel to the Trilogy released by J the app

The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 243/37/2024-GST on December 31, 2024, providing clarity on the Goods and Services Tax (GST) treatment of vouchers. In essence, the CBIC through the circular has held that the transaction in vouchers are neither supply of goods nor of services and therefore will not be subjected to GST per se. However, any commission earned through sale of such vouchers will be charged to GST