The Narendra Modi government has taken a very important step to promote digital transactions. The government has decided to impose heavy fines on shopkeepers, traders, and companies that do not provide a digital payment facility to the consumer. At present, this rule will be applicable to shopkeepers with an annual turnover of Rs 50 crore or more. These traders have been given time till January 31 to install a digital payment system in their establishment. These shopkeepers or traders may have to pay a fine of Rs 5,000 per day from February 1, 2020, for not providing the prescribed digital payment facility.

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An economic penalty of Rs 5,000 per day
According to a report by the news agency IANS, CBDT has said that enough time has been given to the traders to start the payment facility in electronic mode. CBDT has issued a circular saying that if the concerned shopkeeper or businessman gets the Digital Payment System by January 31, 2020, and starts taking payments from it, then he may not have to pay a fine. According to the circular, if not done by the deadline, the concerned shopkeeper or businessman will have to pay an economic penalty of five thousand rupees per day.

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It is noteworthy that a new provision was included in the Income Tax Act to promote Digital Transactions in India. According to this provision, it will be mandatory for traders with annual turnover of more than Rs 50 crore to take payment through selective electronic means. Payments through RuPay Debit Card and UPI are included in the compulsory payment system. Recently, the government has announced the abolition of MDR charges on payments through these two channels. This means that traders with annual income of more than Rs 50 crore will not have to pay MDR fee.

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