Merchants encouraged to invite e-transactions
Posted on: 24/Jun/2015 9:25:16 AM
Here is a new move all banks are to make mandatorily. They ought to report to the income-tax department when a credit card holder spends more than Rs 2 lakh in a year.
According to a report this limit of Rs 2 lakh can be hiked to Rs 5 lakh which can facilitate high-value transactions.This draft given out by the government will be beneficial for the merchants in accepting electronic payments. It also added that the merchant can enjoy tax rebate for half of the total amount of transactions done through electronic mode.
Furthermore, a VAT reduction of about 1 to 2 per cent can be considered for all payments done through electronic transactions. Those providing utility services can give out discounts and offers to users for all small ticket payments done through electronic means which will be in-line with BSNL.
BSNL offers 1% incentive of the total bill amount if the payment is done through electronic means. For all e-transactions in government departments, PSUs, or organizations, the convenience fee, service charge, or surcharge will be levied. This is inclusive of essential commodities, utility service providers, use at petrol bunks, gas agencies, ticketing with railways, etc.
