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\nCompanies in this space are hopeful that the Centre will follow the South Korea model where their government succeeded to switch a major chunk of payments in the country to digital means through tax benefits for both merchants and consumers.
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“The government of South Korea did the maths around the fact that the number of people coming into the tax nets incrementally because of digital payments and the cost of cash to the GDP reducing would offset the temporary hit that they had in terms of tax payments,” said TR Ramachandran, group country manager, India and South Asia<\/a> for Visa.
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“I think this would be not only sustainable but also of great attraction for Indians who are careful about saving taxes under investments, home loans, etc,” he said. The payments industry through multiple meetings with finance minister Arun Jaitley<\/a> is said to have presented various case studies of different countries to showcase a direct relation between tax benefits and uptick of digital transactions.
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“Tax benefits from both sides — merchants as well as consumers — will get more people to transact digitally. Merchants can get discount on service tax<\/a>, sales tax, etc. while consumers can get benefits on income tax,” said Paresh Rajde, founder of Mumbai-based domestic remittance and payments company Suvidhaa Infoserve.
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Global payments company Mastercard said that the government should focus on small merchants and promote digital payments among them to address issues around credit underwriting<\/a> and onboarding for this sector. “One of the biggest resistance factors for consumers to adopt electronic payments is their fears around safety and security. It is critical that the government take the safety and security agenda very seriously and invest in technology and fraud protection tools,” said Porush Singh, country corporate officer and division president South Asia for Mastercard.
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\nBankers said one major reason why merchants and small shopkeepers prefer to transact in cash is because they want to avoid tax net. Hence if they are given tax benefits on accepting payments digitally there would be more number of people taking it up.
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The industry has also requested for extension of the import duty waiver on PoS terminals for card payments beyond March 31as it expects the demand for such terminals to go up. While industry executives seek more support from the government to promote digital payments, there is also talk around some mention of cyber security<\/a> as there are security concerns around digital payments.
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“Everything that the government has announced, from UPI payments to Aadhaar authentication<\/a>, there are huge security concerns around its implementation,” said Bhavin Turakhia, chief executive at payments technology company Zeta. “The government needs to recognise such concerns for both cards as well as UPI,” he said. \n<\/body>","next_sibling":[{"msid":56678298,"title":"Government's cashless push to boost smartphone sales: Samsung","entity_type":"ARTICLE","link":"\/news\/governments-cashless-push-to-boost-smartphone-sales-samsung\/56678298","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":56678682,"entity_type":"ARTICLE","title":"Digital payment firms hope for tax benefits in Union Budget","synopsis":"They have also requested for extension of the import duty waiver on PoS terminals for card payments beyond March 31 as it expects the demand for such terminals to go up.","titleseo":"telecomnews\/digital-payment-firms-hope-for-tax-benefits-in-union-budget","status":"ACTIVE","authors":[{"author_name":"Pratik Bhakta","author_link":"\/author\/479242111\/pratik-bhakta","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479242111.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479242111,"author_name":"Pratik Bhakta","author_seo_name":"pratik-bhakta","designation":"Correspondent","agency":false}},{"author_name":"Mugdha Variyar","author_link":"\/author\/479245129\/mugdha-variyar","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479245129.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":479245129,"author_name":"Mugdha Variyar","author_seo_name":"mugdha-variyar","designation":"Assistant Editor - Consumer Internet","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-01-20 08:54:03","lastupd":"2017-01-20 08:58:19","breadcrumbTags":["policy","Arun Jaitley","Service tax","cyber security","underwriting","Authentication","Digital Payment","Union Budget","South Asia"],"secinfo":{"seolocation":"telecomnews\/digital-payment-firms-hope-for-tax-benefits-in-union-budget"}}" data-authors="[" pratik bhakta","mugdha variyar"]" data-category-name="" data-category_id="" data-date="2017-01-20" data-index="article_1">
孟买|班加罗尔:如果demonetisation“Acche Din”了电子支付公司,进一步税收激励和奖励是这些实体在即将到来的希望联邦预算以确保客户坚持电子支付工具,不迁移回现金。
公司希望该中心将遵循韩国模型,他们的政府成功切换一大笔款项在数字意味着国家通过税收优惠对商家和消费者。
“韩国政府周围的数学事实的人数逐步进入税务网,因为GDP数字支付和现金的成本降低将抵消临时达到他们在纳税方面,“TR拉马钱德兰表示组区域经理,印度和南亚为签证。
不仅“我认为这将是可持续的,还对印第安人的吸引力小心储蓄税下投资,房屋贷款,等等,”他说。支付行业通过多个会见财政部长杰据说提出各种不同的国家案例研究展示直接数字交易的税收优惠和上升的关系。
“税收优惠两边——商家以及消费者——将让更多的人来处理数字。商家可以获得折扣服务税、营业税等,消费者可以得到的好处在所得税,”孟买的创始人Paresh Rajde表示国内汇款和支付公司Suvidhaa Infoserve。
全球支付公司万事达卡说,政府应该把重点放在小商人和促进数字支付其中解决信贷问题承销和新员工培训部门。“最大的阻力因素对消费者采取电子支付是他们周围的安全担忧。至关重要,政府非常重视安全议程,并投资于技术和防欺诈保护工具,“国家企业人员和部门总裁Porush辛格说南亚万事达卡。
商人和银行家表示,一个主要原因小店主倾向于现金交易是因为他们想避免税收净。因此如果他们有税收优惠接受支付数字会有更多数量的人。
行业也要求进口关税豁免PoS终端的扩展卡支付超出3月31日,预计这些终端的需求上升。虽然业内高管寻求更多的支持从政府推动数字支付,还有说服一些提及网络安全作为数字支付有安全方面的担忧。
“一切政府宣布,从UPI Aadhaar支付身份验证,有巨大的安全问题在实施,“说Bhavin Turakhia,支付技术公司首席执行官ζ。“政府需要承认这些担忧都卡以及UPI,”他说。
公司希望该中心将遵循韩国模型,他们的政府成功切换一大笔款项在数字意味着国家通过税收优惠对商家和消费者。
“韩国政府周围的数学事实的人数逐步进入税务网,因为GDP数字支付和现金的成本降低将抵消临时达到他们在纳税方面,“TR拉马钱德兰表示组区域经理,印度和南亚为签证。
不仅“我认为这将是可持续的,还对印第安人的吸引力小心储蓄税下投资,房屋贷款,等等,”他说。支付行业通过多个会见财政部长杰据说提出各种不同的国家案例研究展示直接数字交易的税收优惠和上升的关系。
“税收优惠两边——商家以及消费者——将让更多的人来处理数字。商家可以获得折扣服务税、营业税等,消费者可以得到的好处在所得税,”孟买的创始人Paresh Rajde表示国内汇款和支付公司Suvidhaa Infoserve。
全球支付公司万事达卡说,政府应该把重点放在小商人和促进数字支付其中解决信贷问题承销和新员工培训部门。“最大的阻力因素对消费者采取电子支付是他们周围的安全担忧。至关重要,政府非常重视安全议程,并投资于技术和防欺诈保护工具,“国家企业人员和部门总裁Porush辛格说南亚万事达卡。
商人和银行家表示,一个主要原因小店主倾向于现金交易是因为他们想避免税收净。因此如果他们有税收优惠接受支付数字会有更多数量的人。
行业也要求进口关税豁免PoS终端的扩展卡支付超出3月31日,预计这些终端的需求上升。虽然业内高管寻求更多的支持从政府推动数字支付,还有说服一些提及网络安全作为数字支付有安全方面的担忧。
“一切政府宣布,从UPI Aadhaar支付身份验证,有巨大的安全问题在实施,“说Bhavin Turakhia,支付技术公司首席执行官ζ。“政府需要承认这些担忧都卡以及UPI,”他说。
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