Digital Payment method is spreading in the country. A lot of traders said these days that Pm Modi should remove Transaction Charges on E payments – By doing this people will be more aware and it will help people to adopt Digital Payment Method easily. as they don’t have to pay charges. According to CAIT National President B.C. Bhartia Transaction charges are making digital payment method very hard to adopt by people. According to CAIT transaction charges should be subsidized by government for faster adoption.
Traders – Transaction Charges should be removed on e-Payments
In August 2015 a draft proposal was also called by Government for E Traders to help them adopt digital payments
They also proposed a incentive plan under which they proposed that the incentive could be in form of TAX either or benefits of Wavier . ALL mean to embrace e payment system to traders.
Recently a new decision has been made by government.Small traders and businesses with a turnover of up to Rs 2 crore will pay less tax if they accept payments through banking and digital means, Finance Minister Arun Jaitley said recently. The main aim to take this step is only to to achieve the government’s mission of moving towards a less cash economy and to incentive’s small traders/businesses to proactively accept payments by digital means.
This means only 30% tax advantage will be available on Digital Payments for small traders.