BHIM gets friendly with GST
-------------------------------
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 ?
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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