No service tax on credit and debit card transactions up to Rs 2000

Starting today, you will not be charged any service tax when you use your credit or debit card for upto Rs. 2,000. Currently, you pay 15% as the tax on these transactions. The exemption is part of the government's all-out initiative to steer the country away from a cash economy to digital transactions. The tax breaks for using cards come exactly a month after Prime Minister Narendra Modi used an unscheduled televised address to announce that 500- and 1,000-rupee notes would, just hours later, be illegal. They can be deposited in banks till December 30.

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