Today’s DNA carries following news :
Extract :
The GST Council chaired by
interim finance minister Piyush Goyal on Saturday decided to roll out cashback
on digital payments for Rupay card and BHIM users on a pilot basis.
It also formed a Group of
Ministers (GoM ) to consider tax
relief and other proposals for the benefit of small traders and
businesses in the Micro, Small and Medium Enterprise ( MSME )
sector.
Customers paying through RuPay
debit card or BHIM app will get a cash back of 20 of the total tax amount, subject
to a maximum of Rs 100.
This is a further proof that our Decision Makers do
listen to the suggestions of ordinary citizens ( - though it does require
giving up on cynicism and a stubborn persevering ! )
In this connection , I had sent following emails to
this Policy Makers :
My Suggestion [ 19
Nov 2015 ] / Making a Mountain out of a Mole hill
·
2 % ( out of 27 % ) of GST , to be directly deposited in the PPF
a/c of the buyer
(
This will ensure that all citizens have PPF account )
* This 2 % to be used to pay the premium for
that person's health insurance
My Suggestion [ 30 Jan 2016 ]
/ Structural Reforms
Transferring 10% of GST ( ie 1.8 % out of 18 % ) to PPF accounts
of the buyers ( increase Domestic Savings )
My Suggestion [
30 Dec 2016 ] / When BHIM is here, can ARJUN be
far away ?
Based on UPI / Indiastack , come out ( in next 6 days ? ) , with M-Rup ( RuPay based
mobile app , linked to Jan Dhan A/c and to Aadhar
Biometric verification of the user )
At the time of " Activation
", let the M-Rup wallet get filled up
with Rs 100 ( as a freebie )
This initial loading will enable the users to " experiment "
transferring or receiving digital
money ( even between friends , none of whom have Jan Dhan
accounts !). Make it FUN !
Email :
My Suggestion [ 19 June 2017 ] / BHIM : Can
You tango with GST ?
In BHIM 4.0 , I have suggested incorporating a feature for deduction
and deposition of applicable GST , into
concerned account automatically !
And if BHIM V 4.0 , can deduct /
deposit GST automatically /
instantaneously, there is no ( technical ) reason why it cannot , also upload the relevant INVOICE pertaining to each payment and also upload those RETURNS as per schedule, on GSTN portal !
BENEFITS :
· Enormous saving of
time / effort on part of small establishments (retailers / self employed ) who
accept payment using BHIM V 4.0
IMPLICATION FOR BHIM V 4.0 :
·
If BHIM 4.0 can save them the hassle of daily uploading of invoices ,
millions of small retailers / self-employed would use ONLY BHIM V 4.0 – and no other mobile wallets !
My Suggestion [
05 Sept 2017 ] / BHIM : the
Omnipresent ?
But
, why not enable paying GST , simply by making
mobile wallet payments ( small transactions for “ across – the – counter “ day
to day purchases ) , voice activated , as described in BHIM V 4.0 at :
BHIM : the Unstoppable [ 14
April 2017 ]
My Suggestion [ 08 Nov 2017 ]
/ Saving
Two Birds with One Grain ?
While considering
“ Incentivizing of Digital Payments “ , seize this opportunity of providing
“ Universal Social Security“ to millions of Indians , who are , today
, NOT covered by any PROVIDENT FUND scheme , as outlined in my following earlier emails ………….
If GST is going
to be ( say ) 20 % , Government will transfer from this ,
2 % ( ie 10 % of that 20 % ) ,
to the PPF account of the
Consumer /
Buyer , who pays for the Goods / Services purchased , using
a RuPay
Card or a " Mobile Wallet " app
This will motivate millions of self -
employed to open PPF accounts !
{ In cases of Buyers who , do not have a PPF account on
the date of her first Digital Payment , the Mobile
App will AUTOMATICALLY register / open such an account and the
Buyer will get an SMS intimation ! No hassle to open a PPF account
! }
* Since interest from a PPF account is tax-free , every
citizen would , now
want to make all payments thru RuPay card or a Mobile
Wallet App
* RuPay cards are already
tied up with accounts opened under Jan Dhan
Yojana
* Mobile Wallets Apps will also get
tied-up with thousands of branches of
Payment Banks , which will open in next
18 months
Just imagine the number of new
accounts that will get opened in the
1,55,000 +
post offices of India Post !
* In this way , Social Security will become
" Self Financing " !
* Currently , in India , some 97 % of
all payments are " Cash Payments ".
With introduction of this proposal ,
these will drastically decline
* Any payment made , using RuPay card or a Mobile
Wallet App , will make
available to the Income Tax Department
, full digitized record of each
such transaction , including :
# Who made the
payment
# To whom was
that payment made
# When was that
payment made
# For what purchase
, was that payment made
# What was
the amount paid
05 Aug 2018
www.hemenparekh.in
/ blogs
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