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Levy of Banking CTT on Transactions of Rs. 50,000/- & above

Ministry of Finance in its press release dated 25-January-2017 has reported that no final decision taken on the Recommendations of the Committee of Chief Ministers on Digital Payments constituted under the Chairmanship of Shri Chandrababu Naidu, Chief Minister of Andhra Pradesh.

A Committee of Chief Ministers was constituted under the Chairmanship of the Chief Minister of Andhra Pradesh, Shri Chandrababu Naidu to examine and recommend measures for implementation of digital payment systems. The Committee has submitted an Interim Report to the Government.

The media has reported various aspects of the recommendations made by the Committee, including the recommendation relating to levy of Banking Cash Transaction Tax on transactions of Rs. 50,000/- and above. It is informed that the Government has not yet taken any final view on the recommendations of the Committee.

The recommendations will be carefully examined and appropriate decisions will be taken in due course.

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