Wallet Policy
How the FanzPay wallet works, including GST treatment.
1. Nature of the Wallet
The FanzPay wallet is a prepaid balance that fans and creators use for gifts, memberships, and payouts within the platform. It is not a bank account and does not earn interest.
2. Wallet Top-Up + GST
GST @ 18% is charged ONLY when you top up your wallet. Example: Wallet Top-Up ₹1,000 → GST ₹180 → Total Payable ₹1,180 → Wallet Balance Credited ₹1,000. The GST paid at top-up is included in the tax invoice generated for that transaction.
3. Wallet Usage — No Extra GST
Once money is in your wallet, spending it (on gifts, memberships, etc.) does NOT attract additional GST because GST was already paid at top-up. Every wallet-spend transaction is tagged 'GST Already Paid at Wallet Top-Up'.
4. Creator Wallet Credits
For every gift received, the creator's wallet is credited with the net amount after platform commission (7%) and GST on commission (18%). All deductions are itemised in the creator's transaction history.
5. Transaction History
Every wallet entry — top-up, gift sent, gift received, commission, GST, withdrawal fee, platform fee, net amount, status, date & time — is available in the wallet with a downloadable GST invoice.
6. Wallet Balance is Non-Withdrawable Directly
Wallet balance can be withdrawn only via the payout flow subject to the Withdrawal Policy and KYC verification.
7. Suspicious Activity
Wallets may be frozen if unusual activity is detected. In such cases users will be contacted for verification.