Good news for UPI users! The finance ministry has debunked rumors about an 18% GST on UPI payments above ₹2,000, calling them “completely false and misleading.”
No such proposal exists, ensuring UPI remains a cost-free, user-friendly platform. Since 2020, no Merchant Discount Rate (MDR) applies to UPI, so no GST is charged.
The government continues to boost digital payments with incentives, with ₹3,631 crore allocated in FY2023-24. India leads globally, handling 49% of real-time transactions in 2023.
Source: Livemint
