No service tax on fee of as much as Rs 2,000 by debit and bank cards

After demonetisation of outdated Rs 500 and Rs 1000 notes, the federal government has given exemption of service tax on purchases as much as Rs 2,000 by means of credit score and debit playing cards. The federal government needs to encourage cashless transactions by giving such reductions.

PTI quoted a supply as saying, “Single transaction as much as Rs 2000 by means of bank card or debit card is being exempted from service tax. “Finance Minister Arun Jatali will difficulty a notification to implement this in Parliament.

After the announcement of huge notes by Prime Minister Narendra Modi on November 8, the issue of money has arisen with folks throughout the nation. There are lengthy queues exterior banks and ATMs to withdraw cash. The federal government is selling digital transactions in order that India can transfer in direction of a cashless financial system. Lately, the federal government had additionally requested banks to put in 10 lakh POS machines throughout the nation.

Allow us to let you know that on Wednesday, RBI had introduced that OTP (One Time Password) will not be required for on-line card funds as much as Rs 2,000. To avail this facility, prospects have to undergo a one-time registration by the cardboard issuing financial institution. After that the registered buyer won’t have to enter the cardboard particulars repeatedly with the service provider. This can save effort and time.

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