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Taxpayers can now make GST payments using the Unified Payments Interface (UPI) and debit/credit cards introduced under the Goods and Services Tax Network (GSTN). This decision is expected to ease tax compliance by offering faster, more flexible, and user-friendly payment options. In 24 States and Union Territories, including Delhi, Maharashtra, Karnataka, Gujarat, Tamil Nadu, Kerala, […]
Kotraswamy M, commissioner of central taxes, cited that the GST council can acknowledge the grant of amnesty from interest and penalties to small vendors who have received the tax notices based on UPI transaction data. “If this issue is being flagged because there are so many taxpayers, the GST Council can take a call, giving […]
In a positive move for millions of UPI users, the Ministry of Finance has responded to the proposed imposition of GST on UPI payments exceeding a certain limit. In the Rajya Sabha, a query was raised by Congress MP Anil Kumar Yadav on July 22. The question is concerned with the proposal of the government […]
The Karnataka Tax Department has started sending GST demand notices to traders who have sales exceeding Rs 40 lakh, focusing on those who receive payments through UPI (Unified Payments Interface). As a result, many small shop owners and traders in Bengaluru are now being cautious about accepting digital payments. Some have even removed UPI QR […]
The Indian government has stated that it is not planning to impose Goods and Services Tax (GST) on UPI transactions exceeding Rs 2,000. This clarification follows media reports suggesting that the government was contemplating the introduction of GST on such transactions. The Finance Ministry stated, “The claims…are completely false, misleading, and without any basis. Currently, […]
No GST shall be applicable to the government incentives provided to the banks for motivating the practice RuPay debit cards and low-value BHIM-UPI transactions, under the finance ministry. The cabinet ministry has authorized a Rs 2,600-crore incentive program for banks to facilitate RuPay debit cards and low-value BHIM-UPI transactions in the current year. “As recommended […]
A host of procedural amendments in the GST compliances is being reported by the government, along with the levy of interest for the bogus usage of input tax credit and the turnover limit for furnishing the yearly returns for 2021-22 fiscal. GST administration investigated the changes at its meeting in the former week. Through the […]
The new income-tax portal 2.0, which was launched on June 7, is most probably going to add more private banks to its list for payment of income tax, fees, penalty, and refunds under the umbrella of the Income Tax Act 1961. The portal shall also provide multiple payment options that include Unified Payment Interface (UPI) […]
The government is planning to upgrade the QR code for UPI in such a manner that it can include the GST component and show the same separately on the interface. This would make it possible for the government to formulate fiscal incentives for digital payments. Latest Update 19th December 2022 Under the RuPay Debit Card […]
