Why do I get the feeling this fishing expedition/proposal to eventually tax UPI transactions is yet another win for the international credit card duopoly, aided by the natural proclivities of the government to tax everything in sight, and often tax them out of existence?
1. The current annual cost of UPI transactions is ~₹ 500 hundred crores.
2. The central government spent ₹4,33,108 crores on subsidies in FY 2021-22.
3. Therefore, the total UPI subsidy burden is ~0.115%, what the govt spends in 10 hours on subsidies.
2. The central government spent ₹4,33,108 crores on subsidies in FY 2021-22.
3. Therefore, the total UPI subsidy burden is ~0.115%, what the govt spends in 10 hours on subsidies.
The way governments & taxation work, UPI charges will be cloaked in the usual rhetroric of 'pro-poor'/'vikaas' sloganeering.
A possible route may be by imposing a "cess", "surcharge", only on those earning more than, say, ₹10 lakhs a year.
Shiver through the spine?🙂
A possible route may be by imposing a "cess", "surcharge", only on those earning more than, say, ₹10 lakhs a year.
Shiver through the spine?🙂
Remember, this is the sleight of hand the government used to start taxing Provident Fund interest.
First they claimed that it was being misused by people by bandying figures of a person having a ₹103 crore deposit.
The actual limit when govt introduced taxes? ₹2.5 lakhs a year.
First they claimed that it was being misused by people by bandying figures of a person having a ₹103 crore deposit.
The actual limit when govt introduced taxes? ₹2.5 lakhs a year.
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