Cashback incentive to promote digital payment

Cashback incentive to promote digital payment

New Delhi, Aug 4 (IANS) The Goods and Services Tax (GST) Council in its meeting on Saturday decided to start a pilot project to give 20 per cent cashback of the GST paid to incentivise digital payment in the country.

"Under the project, consumers will get a 20 per cent cashback subject to cap of Rs 100 on all UPI and USSD transactions as well as transactions made using RuPay card and BHIM app," Finance Minister Piyush Goyal said.

Although the decision on the pilot project has been taken, it will take some time for implementation as software for the purpose will have to be developed and the states will have to decide on it before the benefit reaches the people.

"We have decided the broad framework of the pilot project which is aimed at promoting digital transactions. We believe that this will help in increasing compliance and give a boost to the formal economy," he said.

--IANS

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