In order to promote digital payments in the country, the government is now considering making QR Code based payment mandatory for all the shops. The Goods and Services Tax (GST) Council has already approved the move ahead of the election results and is now in talks with the National Payments Corporation of India (NPCI). The government believes that if this move is implemented, the customers along with the shopkeepers will also get the benefit.
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It will first be executed for smaller payments and later be applied for bigger transactions. In order to digitise the economy and give impetus to it, the government has planned to include offers, discounts and cashbacks. GST council has also created a pilot project to be regulated at the state and central level.
This move will benefit the GST council as the GST can be directly deducted from the transaction and there will be no hope for any fraudulent activity.
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