You won’t have to pay service tax on debit/credit card transactions of up to Rs 2,000
Advertisement
In a bid to promote cashless economy and digital transactions, the government is going to waive off service tax on debit and credit card transactions of up to Rs 2,000.
Presently, 15% tax is levied on these transactions. India is facing cash crunch sincedemonetisation was announced since Nov 8 as people are lining up outside banks and ATMs to withdraw new currency notes.
A notification to this effect will be tabled by Finance Minister Arun Jaitley in Parliament.
Recently, the government asked banks to install additional 10 lakh PoS terminals by March 31 in different parts of the country.
The service tax notification of June 2012 will be amended to include exemption on credit and debit cards, the sources added.
As of now, services provided by organisations such as United Nations and other international bodies are exempt from tax.
A range of other services provided by arbitral tribunals, testing of newly developed drugs, educational institutions, trade unions, general insurance business and sports bodies, among others, too are exempt from the levy.
Advertisement
Presently, 15% tax is levied on these transactions. India is facing cash crunch since
A notification to this effect will be tabled by Finance Minister Arun Jaitley in Parliament.
Recently, the government asked banks to install additional 10 lakh PoS terminals by March 31 in different parts of the country.
The service tax notification of June 2012 will be amended to include exemption on credit and debit cards, the sources added.
Advertisement
A range of other services provided by arbitral tribunals, testing of newly developed drugs, educational institutions, trade unions, general insurance business and sports bodies, among others, too are exempt from the levy.
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas