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QR Code Based Payment Using UPI To Be Compulsory For All Concerns
In a bid to give a boost to digital payments, the government is aiming to make the QR based payments system using UPI compulsory for all establishments. And similar to shopkeepers, consumers opting for the payment option will be able to get GST benefit.
An official as cited in a Times of India report says, "We are looking at incentives for both, the shopkeeper or the restaurant owner as well as consumers," And while the GST Council approved the plan before the Lok Sabha elections, NPCI is working to work out the mechanism of such a payment plan across India.
For a transaction value beyond some threshold, establishments will need to compulsorily offer the payment method and this is to boost the payment method for business-to-consumer (B2C) transactions. Also, Q-R codes in medium to long term will be introduced for invoices.
The framework for digital payments is likely after the Lok Sabha elections as the finance ministry is considering rules for the same.
