Finance Minister Arun Jaitley on Tuesday said vendors who have an annual turnover of under Rs 2 crore could save up to 46% in taxes by going digital. The new amended tax structure stipulates under section 80C that digital earnings of Rs 66 lakh will have zero tax liability, the Finance Ministry said. Moreover, Jaitley claimed that by migrating to the banking system, small businesses will be able to maintain their books better, PTI reported.
Jaitley had said earlier in the day that the government was trying to incentivise digital transactions .The government has been trying to push for a “cashless economy” ever since it demonetised Rs 500 and Rs 1,000 notes.
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