In this digital era, we get to see unfounded rumours getting propagated by very now and then. On that note, there have been speculations about possible imposition of 18% GST on UPI transactions amounting to more than ₹2000.
These social media speculations stated that the central government is contemplating the idea of enforcing GST on UPI transactions above ₹2000.
However, the latest clarification from the union finance ministry confirms that there is no credibility or truth in this speculation about GST on UPI transactions.
“The claims that the Government is considering levying GST on UPI transactions over ₹2,000 are completely false, misleading, and without any basis. Currently, there is no such proposal before the government.” The official communication from the finance ministry of India read.
UPI transaction values have seen an exponential increase, growing from ₹21.3 lakh crore in FY 2019-20 to ₹260.56 lakh crore by March 2025. Specifically, P2M transactions have reached ₹59.3 lakh crore. It is evident that India is increasingly becoming a digital payment hub.
Earlier there was some panic amongst the common public on whether GST would actually be applied on UPI transactions. But the finance ministry was quick to react, and they clarified the matter once and for all.
This post was last modified on 19 April 2025 4:56 am
Political Strategist Prashant Kishor had become a legislator for the first time in his career.…
Salman Khan speaks his mind and does not fear anything. He recently opened up about…
Malayalam cinema industry is known for content-driven films. The rootedness, freshness, and the rustic way…
In a remarkable verdict, the country's top court has ordered that every vehicle coming onto…
Varun Tej announced at the pre release event that paid premiere shows of Korean Kanakaraju…
Veteran actor Pradeep Rawat, who was known for playing powerful villain roles like Bikshu Yadav…