Entire currency in circulation from Dec 31 legitimate: Jaitley
Union Finance Minister Arun Jaitley said that from Saturday onwards, the entire currency in circulation will be legitimate, Friday being…
Finance Minister Arun Jaitley on Tuesday said small traders and businesses will get a tax advantage of more than 30 per cent for digital transactions.
The government on Monday said small traders and businesses with a turnover of up to Rs.2 crore would pay less tax if they accept payments through banking and digital means.
"There will be a significant tax benefit for small traders if you turn digital. It is a tax incentive to support digitisation of economy," Jaitley told the media.
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"If we calculate, many traders will get a tax advantage of more than 30 per cent for transactions in digital mode," he added.
On putting a ceiling of Rs.5,000 on deposit of old notes, Jaitley said: "Since the exemptions on using old notes have been lifted (in hospitals, railway stations and other places), there will be no question of getting old notes on a regular basis.
"Whoever has old currency must go and deposit it in one go. If somebody goes every day, it raises suspicion," he added.
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