North India Statesman
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News India Live, Digital Desk: Central Government Gives Assurance: Union Minister of State for Finance Pankaj Chaudhary has put an end to the rumors of installing GST on transactions of more than ₹ 2000, amidst the popularity of UPI in financial transactions. He has clarified that there is no such plan of the government and these speculations are baseless. This statement underlines the government’s commitment to promote digital payments in the country. Union Minister of State for Finance Pankaj Chaudhary gave this information in response to a question in the Lok Sabha. “There is no plan to impose GST on UPI transactions worth more than Rs 2,000,” he said. His statement came after the reports and rumors that the government may impose tax on large UPI transactions to regulate digital payments and increase revenue. UPI has become a major pillar of digital payment revolution in India. According to data from the National Payment Corporation of India (NPCI), there has been a steady increase in both UPI transactions, which shows the pace of moving towards India’s cashless economy. UPI Payment is a convenient and cost-effective option from common people to traders. This explanation from the minister has brought great relief to UPI users and small businesses, which were concerned about additional tax on digital payments. This stance of the government is in line with strengthening digital India initiative and financial inclusion. Its purpose is to encourage people for uninterrupted and cost-free digital transactions, which will promote economic activities. This step indicates that the government is committed to maintaining UPI as an accessible and widely used payment medium, avoiding unnecessary tax burden.
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