18% GST
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GST Council is planning to IMPOSE 18% GST on UPI transactions below Rs 2,000.
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The thing is govt is shooting blindly instead RBI should create a system to allow business transactions account only for merchants instead of personal. Charge % on merchant account only and don't allow business transactions on personal accounts.
Kahan gya ab woh digital india ki neev rkhnewala?
It doesn't matter, and makes no much impact.
Average MDR is 1% and consider the transactions of Rs. 1000, Currently, the Merchants are paying Rs. 10 as MDR, with this change they will have to pay 11.8. Difference of Rs. 1.8 only.
Max 3.6 on the 2K transactions.
Which is not a challenge for anyone.
Anyways, if the merchant is GST registered, then they will get the Input Credit for the same. So no loss for them.
Last i heard this proposal has been postponed (on some youtube channel yesterday) - but this is not yet ditched
so we are safe for now
death of upi by Indian goberment