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

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