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Government proposes tax benefits for card payments

News:

  • The government proposed income tax benefits to remove transaction charges on card payments at petrol pumps, gas agencies, and for railway tickets.
  • It also proposed to make it mandatory to settle high value transactions of more than Rs 1 lakh through electronic mode to reduce tax avoidance, tax rebate to incentivize shopkeepers and tax benefits provided to merchants for accepting electronic payments.
  • The proposals are aimed at building a transactions history of an individual to enable improved credit access and financial inclusion.
  • Finance minister Arun Jaitley, in his budget speech, had said that the government would “introduce soon several measure that will incentivize credit or debit card transactions and disincentivize cash transaction”.

Source: TheHindu

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