No charges on digital payments made to large business establishments (turnover>Rs 50 crore) from Nov 1

No charges on digital payments made to large business establishments (turnover>Rs 50 crore) from Nov 1

• Finance Minister Nirmala Sitharaman has announced that system providers will not impose charges or Merchant Discount Rate on customers as well as merchants on digital payments made to establishments having a turnover in excess of Rs 50 crore from November 1.

• For this, amendments have been made in the income tax act as well as in the Payment and Settlement Systems Act 2007.

Points to remember:

1. From Nov 01, MDR will not be applicable on digital payments made to establishments having a turnover in excess of _____________?