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No GST on UPI transactions over Rs 2000, clarifies Ministry of Finance


//business-finance.news-articles.net/content/202 .. -over-rs-2000-clarifies-ministry-of-finance.html
Published in Business and Finance on by ThePrint   Print publication without navigation

New Delhi [India], April 18 (ANI): 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, said the Ministry of Finance in a statement Friday. Currently, there is no such proposal before the government, the Finance Ministry clarified. […]

The Ministry of Finance has clarified that no Goods and Services Tax (GST) will be imposed on Unified Payments Interface (UPI) transactions exceeding Rs 2,000, refuting claims of a 1.1% tax on such transactions. This clarification came after social media rumors suggested that a GST would be applied to UPI transactions above Rs 2,000. The ministry emphasized that UPI transactions, whether through bank accounts or prepaid payment instruments like wallets, are exempt from GST. This announcement aims to dispel any confusion and reassure the public that digital payment methods will not incur additional taxes, promoting continued use of UPI for transactions.

Read the Full ThePrint Article at:
[ https://theprint.in/economy/no-gst-on-upi-transactions-over-rs-2000-clarifies-ministry-of-finance/2594813/ ]

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