• Feedback
  • RSS Feed
  • Sitemap
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

No Plan To Levy GST On UPI Transactions Over Rs 2,000: Govt

OMMCOM NEWS by OMMCOM NEWS
April 18, 2025
in Business, Science & Tech
UPI

New Delhi: The Finance Ministry on Friday made it clear that the government is not considering any proposal to levy Goods and Services Tax (GST) on UPI transactions over Rs 2,000.

“The claims that the Government is considering levying Goods and Services Tax (GST) on UPI transactions over Rs 2,000 are completely false, misleading, and without any basis. Currently, there is no such proposal before the Government,” the Finance Ministry said.

GST is levied on charges, such as the Merchant Discount Rate (MDR), relating to payments made using certain instruments.

Effective January 2020, the Central Board of Direct Taxes (CBDT) has removed the MDR on Person-to-Merchant (P2M) UPI transactions through the Gazette Notification dated December 30, 2019.

Since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions, the Ministry said.

The government remains committed to promoting digital payments via UPI. To support and sustain the growth of UPI, an Incentive Scheme has been operational from FY 2021-22. This scheme specifically targets low-value UPI (P2M) transactions, benefiting small merchants by alleviating transaction costs and promoting wider participation and innovation in digital payments, the official statement explained.

The statement pointed out that the total incentive payouts under this scheme over the years reflect the government’s sustained commitment to promoting UPI-based digital payments. Allocation under the scheme over the years includes Rs 1,389 crore for FY2021-22, Rs 2,210 crore for FY2022-23, and Rs 3,631 crore for FY2023-24.

These measures have significantly contributed to India’s robust digital payments ecosystem.

According to the ACI Worldwide Report 2024, India accounted for 49 per cent of global real-time transactions in 2023, reaffirming its position as a global leader in digital payments innovation.

UPI transaction values have seen an exponential increase, growing from Rs 21.3 lakh crore in FY 2019-20 to Rs 260.56 lakh crore by March 2025. Specifically, P2M transactions have reached Rs 59.3 lakh crore, reflecting growing merchant adoption and consumer confidence in digital payment methods, the statement added.

(IANS)

Tags: UPIUPI Transactions
ShareTweetSendSharePinShareSend
Previous Post

2 Minors Among 315 Arrested So Far In Connection With Murshidabad Violence: Bengal Police Report

Next Post

Bangladesh: Hindu Community Leader Abducted And Brutally Beaten To Death

Related Posts

FM Sitharaman
Business

FM Sitharaman Takes Stock Of Steps For Cybersecurity At Banks Amid Rising Border Tensions

May 9, 2025
Morningstar DBRS
Business

India’s Credit Rating Upgraded To ‘BBB’ With ‘Stable’ Trend: Morningstar DBRS

May 9, 2025
Fatty Liver
Science & Tech

Fatty Liver In Pregnancy May Increase Risk Of Preterm Birth

May 9, 2025
Stock Markets, Sensex
Business

India-Pakistan Tensions Trigger Selloff In Stock Markets, Sensex Falls 880 Points

May 9, 2025
ATMs
Business

SBI, PNB Other Banks Say ATMs, Digital Services Operating Smoothly

May 9, 2025
India-Pak Tensions
Business

Indian Oil, BPCL Assure Sufficient Fuel Supply Amid India-Pak Tensions

May 9, 2025
Next Post
Beaten To Death

Bangladesh: Hindu Community Leader Abducted And Brutally Beaten To Death

Coast Guard Rescues Two Olive Ridley Turtles Entangled In 600 Kg Of Ghost Nets Off Odisha Coast

Shivraj Singh Chouhan

Need To Protect, Empower Small And Marginal Farmers: Shivraj Singh Chouhan At BRICS Meet

Khimji
TPCODL
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.