Chief Ministers' Panel Suggest Tax On Cash Withdrawals Of Over Rs 50,000 To Centre | Read
A cash transaction tax on withdrawals of Rs. 50,000 and above in banks as well as a Rs. 1,000 subsidy for purchase of smartphones by non-tax assesses and small merchants have been recommended by a Chief Ministers' panel today to encourage digital payments. The Chief Ministers' Panel report, which was submitted to Prime Minister Narendra Modi by committee representative Chief Minister of Andhra Pradesh N Chandrababu Naidu, has also made a case of lower/zero merchant discount rate (MDR) for all digital payments to government entities and cap on cash in all type of big ticket transactions.
