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Monday 23 September 2019
Economy Use plastic money, pay less tax

Use plastic money, pay less tax

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New Delhi — Showing its resolve to fight the menace of black money, the government today proposed that the people paying through credit and debit cards should be given income tax benefits. The government also suggested removal of transaction charges on purchase of petrol, gas and rail tickets with cards.

Most customers hesitate using plastic money for transactions because of the additional amount they need to pay at the vending outlets for paying the commodities they purchase using credit or debit cards. The new government policy, when implemented, will address this issue.

In a draft paper for moving towards cashless economy and reduce tax avoidance, the government also proposed to make it mandatory to settle high value transactions of more than Rs 1 lakh through electronic mode.

In order to incentivise shopkeepers, it has proposed tax rebate to them provided they accept a significant value of sales through debit or credit cards.

The proposals are aimed at building a transactions history of an individual to enable improved credit access and financial inclusion, reduce tax avoidance and check counterfeiting of currency.

“Tax benefits in terms of income tax rebates to be considered to consumers for paying a certain proportion of their expenditure through electronic means,” said that draft proposals for facilitating electronic transactions on which the government has invited comments till 29 June.

Finance Minister Arun Jaitley in his Budget speech had said that the government would “introduce soon several measure that will incentivise credit or debit card transactions and disincentivise cash transaction”.

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