 "Digital payments, Cashless, GST")
The Centre has proposed a two percentage point discount in the goods and services tax (GST) for consumers who make digital payments. The proposal is likely to be taken up in the next GST Council meeting in January. The move, if approved, will boost the government efforts to usher in a cashless economy.
The incentive will be available to business-to-consumer (B2C) transactions for goods and services that face a GST rate of 3 per cent or more. The incentive will include a 1 per cent concession on the Central GST and another 1 per cent on the state GST.
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