T he ecosystem of digital transactions in India is changing a lot, and a new rule has been proposed which talks about levying GST on UPI transactions if the payment is more than ₹2,000. This change has started a lot of discussion among users, merchants and financial experts about its impact on the daily payment system and the digital economy. According to the proposed rule, if the UPI payment is more than ₹2,000, then GST can be levied on it, depending on the nature of the transaction. Personal peer-to-peer (P2P) transactions may be exempted from this rule, but if there are B2B payments or payments of more than ₹2,000 to merchants, there is a chance of GST being imposed on them. The main aim is to regulate high-value digital transactions and ensure that all taxable services come under GST. Why is it important? UPI has now become the backbone of India's digital payment system, and billions of transactions are happening every month. From grocery shopping to utility bills, everythi...
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