Businesses in India can receive a 30-percent reduction on their tax bills for participating in cashless transactions, Finance Minister Arun Jaitley said Tuesday.

Unfortunately only firms with cash inflows of greater than 20 million rupees (about $294,000) annually qualify for the tax break. In a surprise move, Prime Minister Narenda Modi recently scrapped the 500 and 1,000 rupee notes, as part of India’s campaign to promote digital payment models. “If you use digital modes of transactions for payment, t

Source: India Makes a Major Step Toward Cashless Society



Daily Newsletter Sign Up!

Subscribe to our mailing list and receive daily news, Bible studies and more in your inbox.




News and Bible Study

Visit our Bible Study, Video and Bible Question and Answer sections and enjoy these articles.

Comments

You are invited to participate in our Christian Community by leaving a comment. We would love to read your point of view and inspiring messages, but before you do please read our Community Guidelines. Please note all comments are moderated (Ephesians 4:29).