Modi Government Is Considering Taxing Your Cash Withdrawals: Report

[The_Showstopper]

Modi Government Is Considering Taxing Your Cash Withdrawals: Report
Centre pushes for digital transactions.
13/01/2017 1:33 PM IST | Updated 13/01/2017 3:49 PM IST

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  SHYLENDRAHOODE VIA GETTY IMAGES
  Indian new 2000 and 500 Rs Currency Note in isolated white background
  
  In order to move the country towards digital transactions, the Modi government is considering taxing large cash withdrawals, The Economic Times reported today. If cleared, this "cash tax" could be included in the 2017-2018 budget to be presented on 1 February.
  
  
  Digital payments transactions in December, 2016 were 43 percent higher than in November, according to central bank data. Officials claim that the costs of digital transactions are still lower than the costs of producing notes. However, currently, it's mostly merchants and consumers that bear the cost of digital transactions.
  
  An official told ET that the aim of the potential new tax would be to shrink the footprint of cash in the economy and encourage digital transactions. "A number of steps are under discussion," the official said. Another official told the newspaper that the final call would be taken "at the highest political level."
  
  
  Citing officials speaking on the condition of anonymity, ET reported that the government is taking forward the banking cash transaction tax (BCTT) from the time of Congress Party-led United Progressive Alliance government. The BCCT tax would allow the government to tax cash withdrawals above a certain ceiling from bank accounts.
  
  
  The Tax Administration Reform Commission (TARC) has also recommended the reintroduction of BCCT, Livemint has previously reported. Last year, the Special Investigation Team on black money recommended banning cash transactions above ₹3 lakh.
  

http://www.huffingtonpost.in/2017/0...considering-taxing-your-cash-transactions-re/

 

[CBU-105]

wtf

 

[Kashmiri Pandit]

More Digital less Tax , More Cash More Tax

 

[PïXëL]

 

[CBU-105]

More Digital less Tax , More Cash More Tax

fek off

 

[thesolar65]

Why not? The admission season is coming fast. Along with capitation fee or donation. I wonder how donation will be paid this time?

Even suppose I have 1 crore in Bank. I have to pay 30 lakh in cash for my child to study medicine. Can I with draw 25 lakh from Bank? My white becomes black for the college. How will the college utilise it even if I manage to pay?

@ranjeet @hinduguy @Kashmiri Pandit

 

[Kashmiri Pandit]

fek off

Indians are too lazy specially those sitting at the Top . Stop crying and Go digital . If well of people don't want to go then Force it . Compared to Evolution of Humans from Ape to Men was far far tougher than going Digital from Cash .

 

[CBU-105]

Indians are too lazy specially those sitting at the Top . Stop crying and Go digital . If well of people don't want to go then Force it . Compared to Evolution of Humans from Ape to Men was far far tougher than going Digital from Cash .

I don't understand why people are so eager to have the government in the know about every little transaction you make, it's insane, cheering for taxes is insane, a couple weeks back I was in an ATM queue (those have thankfully shortened now) and I saw a big bank advert on a billboard there "#forgetcash"

cashforever ! feck digital India, I decide when I go digital and when I go cash, not some big brother commie style regime.

this is like a damn fatwa against cash transactions, screw them.

 

[Kashmiri Pandit]

I don't understand why people are so eager to have the government in the know about every little transaction you make, it's insane, cheering for taxes is insane, a couple weeks back I was in an ATM queue (those have thankfully shortened now) and I saw a big bank advert on a billboard there "#forgetcash"

cashforever ! feck digital India, I decide when I go digital and when I go cash, not some big brother commie style regime.

this is like a damn fatwa against cash transactions, screw them.

I am doing nothing wrong . I will worry only if there is evil in my heart .
My dad wants to keep a tab on where his kids are spending . Dad like him will be very happy , Kids like us won't be .

My only issue with Digital is hackers , Nothing else .

 

[Dalit]

Nice one Modi. We need more such monetary policies.

LOL at taxing large withdrawals.

 

[Spring Onion]

How it is different than what we Pakistanis pay when we withdraw through ATM?

 

[Soumitra]

More Digital less Tax , More Cash More Tax

More Digital more transperancy.This Banking Transaction Tax is also one of the measures suggested by the economist groutp who suggested Demonetization.

My wish for budget
0-5 L - No income tax
5L- 10 L 10%
10L + 20%

Banking Transaction tax
0-10K/month 0%
10K - 50K/Month 2%
>50K/Month 5%

 

[Kashmiri Pandit]

More Digital more transperancy.This Banking Transaction Tax is also one of the measures suggested by the economist groutp who suggested Demonetization.

My wish for budget
0-5 L - No income tax
5L- 10 L 10%
10L + 20%

Banking Transaction tax
0-10K/month 0%
10K - 50K/Month 2%
>50K/Month 5%

I agree .

Up to 5L there should be no tax . After that I have no idea about how tax system works .
But the richer must be paying more tax because its with them where majority of money exists .

One more thing , Yesterday I was with my dad and he made payment of Oil through card .
Slip showed 500 but message showed 514 .
Where did 14 rupees go ? Was it tax and reached Government directly , which before used to get eaten by Pump Owners .

 

[gowda]

Bulsht move

 

[CBU-105]

I am doing nothing wrong . I will worry only if there is evil in my heart .
My dad wants to keep a tab on where his kids are spending . Dad like him will be very happy , Kids like us won't be .

My only issue with Digital is hackers , Nothing else .

exactly, and we don't want the government playing "dad" with all 1 billion + of us, right ?

man, this whole "I don't have anything to hide" is a dangerous attitude, give them an inch and they'll take a foot, government intrusion into our personal lives, always be wary of those who seek to control you, nothing good has ever happened when governments decide to run the people's lives, that is what the commies and islamists do, I don't want that type of crap in India.