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Government Mulls Cashbacks And Price Benefits To Boost Digital Transactions
As per the PTI report, government is working to provide price benefits to consumers and cashbacks to businesses for incentivizing digital transactions. In accordance with the proposed plan, consumers making payments through the digital route will be eligible for discount capped to a maximum of Rs. 100.
The proposal is being worked upon by the government's Revenue department. The proposal is expected to be put forth before the GST Council meet scheduled for May 4.
Apart from the cashback offer for businesses, there were two other incentives discussed upon; one being the tax credit based on the turnover received through digital pay-out and the other being the option to offset GST liability upto a prescribed limit was also considered.
But the department has shortlisted the cashback offer as being the best to implement with no unscrupulous use.
Also, in a bid to boost cashless transactions, the direct tax department has ascertained some of the steps. Such as in the case of businesses opting for presumptive taxation scheme, the rate for calculation of deemed profits has been slashed down o 6% as against the previous 8% of the total turnover amount or gross receipts obtained through the digital route.
With PTI Inputs
