Narendra Modi govt mulling revival of estate duty, BCTT: Banking transactions should be encouraged with incentives
Banking cash transactions should be encouraged and correspondingly cash transactions discouraged through incentives for the former and not through tax on the latter.
Banks which have in a manner of cartelisation ushered in the bank cash transaction charges regime should similarly enlist enthusiastic customer support for the digital payments regime
The Andhra Pradesh Chief Minister Chandrababu Naidu-headed committee on digitisation had in its report last month recommended a levy on cash deals beyond Rs 50,000 as it sought to discourage the use of physical currency.
The proposal could be made in the forthcoming Union Budget for fiscal year 2017-18, which is mainly aimed at getting hold of black money holders and lower cash transactions in the economy
The government is not considering implementing Banking Transaction Tax to replace all taxes in the country, Parliament was informed today.
The Parthasarathi Shome panel on tax administration has called for the reinstatement of the fringe benefits tax and the banking cash transaction tax. Neither is likely to happen