Lets Talk on Rupay Cc and Fear of Taxes

[tushu5121]

Hello everyone.

1st of all happy MakarSankranti to Everyone.

Today lets talk on Rupay Cc.
Specially on Upi payments via Rupay Cc.

From recent days i noticed in my Area
Many small and medium sized merchants are Not accepting Payments via Rupay Cc.
They prefer either cash or they use their personal Account Scanner.
WHen i asked them they say bank is charging huge amount on payments some say 2% plus gst.
And 3 4 vendors ( street food stalls ) received GST notices also which is hard to believe.
And thats the reason they are not accepting online payments. I saw even bellow 2000rs also charges are debited from small vendors by bank.

Even i also disabled rupay CC payments as my current account went in minus 49k as hdfc bank not charged me on bext day but they charged me all of sudden in bulk for whole year's transactions and frankly bank didn't show any mercy and we can't do anything on this.


What do you guys think what can be the solutions for this and what can we do as customer or as a business owner.

I feel govt. Or regulatory authorities should give some Relief or some space to Merchants as even pharmacy and small clicnics also. Not prefer to accept online payments..


What do you guys think.
Please share your valuable thoughts.


Thank you

 

[S9100]

UPI adaption increase will reduce. No doubt about it. Not saying usage will reduce by much but the growth will slow.

If they start sending GST notice to merchants, they will surely not use UPI.
Larger merchants will keep upi but they anyway support card payments or tap and pay.

 

[aniketkr.sharma]

Hello everyone.

1st of all happy MakarSankranti to Everyone.

Today lets talk on Rupay Cc.
Specially on Upi payments via Rupay Cc.

From recent days i noticed in my Area
Many small and medium sized merchants are Not accepting Payments via Rupay Cc.
They prefer either cash or they use their personal Account Scanner.
WHen i asked them they say bank is charging huge amount on payments some say 2% plus gst.
And 3 4 vendors ( street food stalls ) received GST notices also which is hard to believe.
And thats the reason they are not accepting online payments. I saw even bellow 2000rs also charges are debited from small vendors by bank.

Even i also disabled rupay CC payments as my current account went in minus 49k as hdfc bank not charged me on bext day but they charged me all of sudden in bulk for whole year's transactions and frankly bank didn't show any mercy and we can't do anything on this.


What do you guys think what can be the solutions for this and what can we do as customer or as a business owner.

I feel govt. Or regulatory authorities should give some Relief or some space to Merchants as even pharmacy and small clicnics also. Not prefer to accept online payments..


What do you guys think.
Please share your valuable thoughts.


Thank you

Haven't you negotiated with hdfc Rm for mdr charges?

 

[VasukiVasuki is verified member.]

Even i also disabled rupay CC payments as my current account went in minus 49k as hdfc bank not charged me on bext day but they charged me all of sudden in bulk for whole year's transactions and frankly bank didn't show any mercy and we can't do anything on this.

Were you sleeping the whole time 6 month ago we discussed hdfc charging on upi payment

Also it's a sin to use hdfc current account
Either go for sbi or pnb

About people getting Itr notice
If you registered business and clocking payment & not paying gst
This is very easy to spot

Filing return isn't equal to giving taxes u give tax on what u earn not whole amount for business

 

[vadixit]

I guess GST notice is a good sign that income is being accounted for and more and more people would have transparent income. Though I am not sure on the amout above which we need to worry them. Example if presumptive tax is 6% on average and there is no tax till 7 lk, dont bother someone who received total UPI of 1.16 Cr (7Lk/6%) in a year. This is pretty good amount and I dont think small vendor would have this kind of turnover.
Still you can challenge this number as being low or high but I like that accountability is increasing as a whole.

 

[NABNAB is verified member.]

Tax evaders are getting GST/IT notices. If you are exceeding limits set by the government, they will be ready to comply.

Of course, one can and definitely should plan their taxes, i.e., take payment on different QRs, on a family member's name, etc.

That Panipuri vendor case, Rs. 40 Lac in online mode payment, cash will definitely be 2x of the online payments. So, approx. 1.20 Cr revenue, any food business has at least a 50% net profit. (Including rent, if one is paying) So, profit of 60 lac per annum. Do you consider such businesses small and get exemptions from GST and IT?
What are the sins of the one doing an honest job 9 to 5? 😅😂

MDR is something merchants need to negotiate before getting any QR installed at their premises. If not affordable, then simply do not accept payment through UPI CC. PayTM and many other merchant QR provides 0 MDR below 2K. Use them instead.

 

[Jkt]

I guess GST notice is a good sign that income is being accounted for and more and more people would have transparent income. Though I am not sure on the amout above which we need to worry them. Example if presumptive tax is 6% on average and there is no tax till 7 lk, dont bother someone who received total UPI of 1.16 Cr (7Lk/6%) in a year. This is pretty good amount and I dont think small vendor would have this kind of turnover.
Still you can challenge this number as being low or high but I like that accountability is increasing as a whole.

This limit would be applicable for Income tax, GST applicability is much lower.
But small merchants always find ways to save taxes!

 

[Jkt]

When you give something for free, you can't charge it eventually!
This is the case with UPI, it was promoted as a free service, with no MDR, now suddenly with Rupay cc they are charging 2% MDR for transactions over 2000!
For normal merchants, its a headache + even the big merchants don't want to incur the expense and block rupay CCs!

GST tracking is a good thing, online transactions formalize the economy, as the tax net widens, hopefully, govt will stop milking the salaried class!

This would also stop money rotation using Rupay CC, which is rampantly abused by many folks!

 

[tushu5121]

Haven't you negotiated with hdfc Rm for mdr charges?

I visited branch 4 5 times and Requested them.
Even after having good business with them they refused. Complaint with NO And Requested them also but nothing happen..
So i switch to axis as my wife is working with axis bank so decided to her some business rather than a random RM.
WHo can't able help me even after a well maintained account

 

[aniketkr.sharma]

I visited branch 4 5 times and Requested them.
Even after having good business with them they refused. Complaint with NO And Requested them also but nothing happen..
So i switch to axis as my wife is working with axis bank so decided to her some business rather than a random RM.
WHo can't able help me even after a well maintained account

Why visiting branch if you had an RM?
I never visited also I am in tier 3 city so the bank need more business from us, that's why whenever we call they ran up to our home

 

[tushu5121]

M

Were you sleeping the whole time 6 month ago we discussed hdfc charging on upi payment

Also it's a sin to use hdfc current account
Either go for sbi or pnb

About people getting Itr notice
If you registered business and clocking payment & not paying gst
This is very easy to spot

Filing return isn't equal to giving taxes u give tax on what u earn not whole amount for business

MY current account is opened in 2021 as i had SA with them earlier.
And till 2023 i didn't faced any issue
On jan. 2024 my balance got deducted and account went in minus 21k so i called my RM who have no clue.
So visited branch and asked them BM told me the WhOle story that time i was ready to pay 21k. But few days after when i went to bank they told me my account is minus 47K.
On start of Feb 2024 when i complaint to NOdel officer then my BM called me and told me bank deducted charges from year 2023.
I have electrics abd electronics shop that time i was unaware of such things so i don't know who paid me by Rupay CC.

Whole 2024 year i requested them to please give some Relief.
I hold hdfc demat account also and have more than 20L of holdings.
HOlding FD also with them
my father my wife and me holding family banking with them still they didn't agree.

And for taxes.
I know what we earn we have to pay taxes.
And iam paying it every years every day.

But considering inflation and earnings of lower middle class families now govt give some relief on taxes..

 

[VasukiVasuki is verified member.]

M

MY current account is opened in 2021 as i had SA with them earlier.
And till 2023 i didn't faced any issue
On jan. 2024 my balance got deducted and account went in minus 21k so i called my RM who have no clue.
So visited branch and asked them BM told me the WhOle story that time i was ready to pay 21k. But few days after when i went to bank they told me my account is minus 47K.
On start of Feb 2024 when i complaint to NOdel officer then my BM called me and told me bank deducted charges from year 2023.
I have electrics abd electronics shop that time i was unaware of such things so i don't know who paid me by Rupay CC.

Whole 2024 year i requested them to please give some Relief.
I hold hdfc demat account also and have more than 20L of holdings.
HOlding FD also with them
my father my wife and me holding family banking with them still they didn't agree.

And for taxes.
I know what we earn we have to pay taxes.
And iam paying it every years every day.

But considering inflation and earnings of lower middle class families now govt give some relief on taxes..

So did u change your current account finally..

 

[tushu5121]

I guess GST notice is a good sign that income is being accounted for and more and more people would have transparent income. Though I am not sure on the amout above which we need to worry them. Example if presumptive tax is 6% on average and there is no tax till 7 lk, dont bother someone who received total UPI of 1.16 Cr (7Lk/6%) in a year. This is pretty good amount and I dont think small vendor would have this kind of turnover.
Still you can challenge this number as being low or high but I like that accountability is increasing as a whole.

I Feel there should be some Relief in limits and taxes

Don't you?

 

[tushu5121]

So did u change your current account finally..

Yes on May 2024 i switched to axis.

 

[tushu5121]

I Feel there should be some Relief in limits and taxes

Don't you?

Yes i feel the same.. we pay high taxes in return we don't get much..
And lower middle class and poor people are the mostly victims of inflation

 

[tushu5121]

Why visiting branch if you had an RM?
I never visited also I am in tier 3 city so the bank need more business from us, that's why whenever we call they ran up to our home

The RM is a sales person nothing else he don't have any clue. Whenever calls for help😂