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  1. Chief ministers’ panel for tax on cash transactions of Rs 50,000 and above

Chief ministers’ panel for tax on cash transactions of Rs 50,000 and above

Give tax incentive and subsidies to boost digital transactions, but levy a banking cash transaction tax on transactions of R50,000 and above, a chief ministers’ committee on digital payment said in its interim report to Prime Minister Narendra Modi on Tuesday.

By: | Published: January 25, 2017 8:34 AM

Give tax incentive and subsidies to boost digital transactions, but levy a banking cash transaction tax on transactions of Rs 50,000 and above, a chief ministers’ committee on digital payment said in its interim report to Prime Minister Narendra Modi on Tuesday.

The Committee, headed Andhra Pradesh chief minister Chandrababu Naidu, also recommended abolition of merchant discount rate (MDR) to make digital payments cheaper than cash.

The panel also suggested that there should be no retrospective taxation on merchants doing digital transactions.

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