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No Service Tax On Debit Or Credit Card Transactions Upto Rs. 2,000







Starting today, you will not be charged any service tax when you use your credit or debit card for upto Rs. 2,000. Currently, you pay 15% as the tax on these transactions. The exemption is part of the government's all-out initiative to steer the country away from a cash economy to digital transactions.

The tax breaks for using cards come exactly a month after Prime Minister Narendra Modi used an unscheduled televised address to announce that 500- and 1,000-rupee notes would, just hours later, be illegal. They can be deposited in banks till December 30.
Yesterday, the Reserve Bank of India disclosed that Rs. 11.5 lakh crore ($170 billion) or 75 per cent of the outlawed notes have been turned in already. Critics of the demonetisation drive say this proves that the reform has failed at cracking down on black or untaxed money.

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