Bad news for Google Pay, PhonePe, Paytm users? UPI transactions above Rs 2000 be taxed? Govt makes big statement
According to a report in the Financial Express , Rajya Sabha MP Anil Kumar Yadav had asked in Parliament whether the government was considering imposing GST on UPI transactions above Rs 2000. He also inquired whether the public had submitted any representation opposing this move.
There will be no tax on UPI (Unified Payments Interface) transactions above Rs 2000, the Finance Ministry has confirmed. Addressing recent rumors, the ministry dismissed the reports suggesting a possible GST (Goods and Services Tax) on UPI transactions for the transactions above Rs 2,000 as completely false and baseless. Government's Response In Parliament
Responding to the question, Minister of State for Finance Pankaj Chaudhary stated that decisions related to GST are made solely on the recommendations of the GST Council, and so far, no such recommendation has been made. The Revenue Department also affirmed that the GST Council is a constitutional body, and any new tax can only be introduced based on its recommendations.
As of now, no GST is levied on any type of UPI transaction, whether it's person-to-person (P2P) or person-to-merchant (P2M), regardless of the transaction amount. The government affirmed its commitment to promoting digital payments through platforms like UPI, which are popular due to their speed, simplicity, and cashback offers.
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