Indian companies fined for not using digital payment

Companies or shops who incur an annual turnover of Rs 50 cr or more are now required to accept digital payment by customers. This is part of the governemnt's move to make India a less-cash economy. The companies wont have to pay any penalty till January 31st, but they will have to cough up Rs 5000 every day for not accepting payment in the digital mode

The Central Board of Direct Taxes also clarified the same, saying the move was aimed in a way that it have sufficient time to the company to install and also operationalise accepting digital payment.

Which is why, the penalty will not be levied on or before January 31st 2020.

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