1.1% tax levied on the UPI transaction of more than RS 2000
Recently, news is going viral on social media that a 1.1% tax will be imposed on UPI transactions worth more than Rs 2000.
Furthermore, Ranvijay Singh, a propaganda journalist and the Congress party supporter, added, “How do you feel about the recovery on UPI transactions?” implying that everyone is subject to a 1.1% levy on UPI transactions exceeding Rs 2000.
Another propaganda journalist and Congress fan, Dinesh Kumar, wrote, “In the digital revolution, through UPI, you will now have to deduct 1% of your pocket on a transaction of Rs 2,000.”
Besides, the Aam Aadmi party leader and fake news peddler, Naresh Balyan, wrote, “From April 1, UPI payments like Google Pay, Phone Pay, PayTM will attract 1.1% tax. Remember how these thugs patted their back on UPI. After all, what is this new loot for? People will again leave online and run towards cash to avoid loot.”
Propaganda activist, Alok Chikku, taking jibe at PM Modi, said from April 1, on UPI transaction of more than Rs 2000.
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In the start of our research, with the keyword search “Tax levied on UPI transaction” we came across a report by Business Standard. According to the Business Standard report, an interchange fee of 1.1% will be charged only when UPI transfers exceeding Rs 2000 and are done using PPIs such as wallets and credit cards.
According to the new rule, the 1.1% interchange charge will be imposed on merchants. Person-to-person or person-to-merchant transfers between a bank and a prepaid wallet will be exempt from the charge. The 1.1% tax will be only applicable for merchant-to-bank transaction.
Further, when the misleading news was shared regarding the new rule, the NPCI clarified on its Twitter account. In its press release, the NPCI said, “The interchange charges introduced are only applicable for the PPI merchant transaction and there is no charge to customer.”
Hence, the news that according to the new rule, the 1.1% tax will be also levied on person-to-person transaction is misleading. The new rule is only applicable on merchants.
| Claim | 1.1% tax will be levied for UPI transaction and this is applicable for everyone |
| Claimed by | Ranvijay Singh, Naresh Balyan, and Dinesh Kumar |
| Fact Check | Misleading |
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