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Cash may return as king as small vendors shun UPI - The Economic Times
Economic Times
·
25d ago
Medial
In Bengaluru, small vendors are reverting to cash payments over UPI due to GST notices, fearing tax scrutiny and potential eviction. This shift arises from confusion over digital payments being perceived as income. The GST law mandates registration for businesses exceeding certain revenue thresholds. Vendors and experts warn of misguided tax demands, as digital transactions may not fully represent business income. This trend could prompt other states to follow suit in seeking additional tax revenues.
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GST demand over UPI credits: CM Siddaramaiah to meet stakeholders on Wednesday - The Economic Times
Economic Times
·
16d ago
Medial
Karnataka CM Siddaramaiah plans to meet stakeholders over GST notices issued to small traders based on UPI data, demanding tax arrears. The notices have sparked protests and rejection of digital payments. Siddaramaiah blames the Centre for the crisis, while BJP offers legal aid. The GST data, covering 2021-2025, has led to many rejecting QR codes. A three-day state-wide protest is planned, highlighting the impact on small businesses and vendors.
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Karnataka CM to engage commercial taxes dept as GST notices scare small biz away from UPI - The Economic Times
Economic Times
·
19d ago
Medial
Small businesses in Bengaluru are reverting to cash transactions due to GST notices based on UPI transaction data. Karnataka CM Siddaramaiah plans to discuss this issue with the central government and state departments. BJP has announced a helpline to support small traders, criticizing the GST notices as an attempt to undermine the digital economy. The commercial taxes department claims notices were issued only for turnover requiring GST registration, amidst allegations of bribe offers to settle notices.
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Startup Policy Forum Backs PCI’s Call to Reinstate MDR on UPI: Reasons & Repercussions Explained
OutlookIndia
·
4m ago
Medial
The Startup Policy Forum supports reinstating a Merchant Discount Rate (MDR) on UPI transactions for large merchants while exempting small businesses. This initiative aims to align UPI fee structures with those of card payments, addressing declining government subsidies for digital payments. By reintroducing MDR, the sector hopes to fund technology upgrades and maintain the payment infrastructure. However, this change may raise consumer prices and potentially impede digital payment adoption among merchants who might revert to cash.
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Shopify notifies merchants it will discontinue its advanced cash-on-delivery app by month end
Economic Times
·
11m ago
Medial
Canadian e-commerce company Shopify is discontinuing its advanced cash-on-delivery (COD) app in India, potentially impacting over 50,000 e-commerce and direct-to-consumer merchants who rely on cash on delivery for their online orders. Shopify has not provided a reason for the discontinuation but has recommended alternative apps such as GoKwik's Kwik COD app and COD King. Cash-on-delivery is crucial for e-commerce businesses in India, as it helps build trust with customers and increase conversion rates. The chances of returns are higher in COD orders, making it important for merchants to find solutions to minimize return-to-origin (RTO) rates.
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Towards A Cashless Economy: The Role Of RuPay And UPI In Catalysing Rural Development
Inc42
·
1y ago
Medial
Digital payments, especially through the UPI and RuPay platforms, have significantly facilitated small businesses in India. These platforms have reduced cash transactions and provided secure payment options, addressing issues like theft and counterfeit currency. UPI recorded over 12.66 billion transactions in February 2024, while more than 740 million RuPay cards were distributed by March 2023. Rural entrepreneurs, including artisans and farmers, have benefited from digital payments by expanding their customer base and enhancing competitiveness. In addition, digital payment platforms have facilitated online business convenience, creating job opportunities and driving economic growth in rural areas. Initiatives to promote cashless transactions, education and awareness programs, and incentives like rewards and discounts are further driving the adoption of digital payments. The future of UPI and RuPay in rural development is promising, with projections indicating increased economic growth and financial inclusion.
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Paytm Bank's exit from UPI unlikely to be disruptive
Economic Times
·
1y ago
Medial
Paytm Payments Bank's exit from the UPI platform may not have as disruptive an impact as feared, as most users have multiple backend accounts outside of Paytm. Only a small portion of Paytm UPI users rely solely on the app for transactions. A significant percentage of merchants also have accounts outside of Paytm. Macquarie Capital Securities predicts a decline in Paytm revenues, but the actual presence of Paytm Payments Bank may not be as high as projected. The success of UPI and competition from other apps provide users with alternative options.
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Long live cash! Even as cashless is in - The Economic Times
Economic Times
·
1m ago
Medial
Despite the rise of digital payments in India, cash demand remains strong due to factors like economic growth, inflation, demographics, rural income recovery, and financial exclusion. Older generations prefer cash, while reverse migration and policy shifts further fuel currency circulation. Economic growth supports both cash and cashless transactions, though gradual shifts in behavior due to urbanization and technology access are anticipated. Globally, cash demand is rising, influencing Indian currency circulation, both domestically and internationally.
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UPI Lite and wallet-based pay off to a slow start on zero-MDR bottleneck
Economic Times
·
2m ago
Medial
The National Payments Corporation of India's (NPCI) initiatives like UPI Lite, wallet-based payments, and UPI through RuPay credit cards aim to ease the banking system's load for small transactions. Yet, only recurring payments and credit cards via UPI have gained traction, while others struggle due to limited awareness and adoption. Barriers include the zero merchant discount rate, unresolved interchange rates for wallet-based UPI, and the high costs for banks to implement these new features without assured return on investment.
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GST Council may consider imposing 18% tax on payment aggregators for small transactions up to Rs 2,000
Inc42
·
9m ago
Medial
The Goods and Services Tax (GST) Council may consider imposing an 18% GST on payment aggregators for small digital transactions up to Rs 2,000. The decision is expected to be made during the council's meeting on September 9. Currently, payment aggregators are exempt from GST for transactions below Rs 2,000. This move could impact small businesses heavily reliant on frequent low-value transactions. However, transactions made through Unified Payments Interface (UPI) will remain unaffected as UPI transactions do not incur GST. UPI now constitutes more than 80% of total retail digital payments in India.
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Will 2024 be a bounce-back year for startups?
TechCrunch
·
1y ago
Medial
In 2022, startups faced challenges as the economic landscape shifted, impacting funding and buying cycles. While IT budgets may improve in 2024, startups may struggle to benefit as tech vendors raised prices, forcing companies to allocate more funds to existing expenses. Many startups turned to cost-cutting measures such as layoffs, but this approach also presents difficulties in maintaining productivity with fewer resources. The outlook for startups in 2024 is uncertain, with differing opinions on whether they can expect an improvement or face further obstacles.
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