(Image source from: Financialexpress.com)
Cashback For Consumers To Increase Digital Transactions:- Despite of Indian Prime Minister Narendra Modi announcing demonetization and promoting digital transactions, the country didnot witness huge jump in the number of people using digital ways for transactions. The Centre is now working on a new proposal to provide cashbacks for digital transactions to increase the digital usage. The Revenue department is working on this proposal so that the consumers will be offered benefits and discounts if they make transactions, payments online.
The expected discount will be capped at Rs 100 over the MRP. This would boost up the turnover through the digital mode. All these proposals will be placed before the GST Council which is chaired by Arun Jaitley, the country's Finace Minister. The issue of offering incentives has been discussed in the Prime Minister's Office too.Apart from cash backs, a proposal to allow businesses to obtain tax credit depending on the turnover is discussed. An official announcement will be made soon.