Modi efforts to make india a cashless economy has now ended as a big blunder due to this GST.Everything will have its own positive and negative side effects.One among that is this GST.Since tax in involved in card transactions, many users are avoiding card transaction because of the 2% tax involved in it.
Retailers have been charging 2% to 5% onCredit and Debit Card Payments which is pushing back the customers to Cash. With the introduction of GST, some of the retailers are offering this attractive scheme of No Tax if the payments are paid through cash and so these cash transactions are expected to increase further.
In Hyderabad, Debit Card Transactions have decreased by 7% when compared to that of the tight Demonetization time.Retailers are saying that they can not offer credit of debit Card Transactions for free since the banks themselves are charging them 2-3% of the total amount as Processing Fee
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