business 💰 GST on MDR set to jump to 18%
The government has announced that an 18% Goods and Services Tax (GST) will be applied to Merchant Discount Rate (MDR). This change affects all merchants and businesses across India. The new tax structure is scheduled to come into effect starting from October 15. This move is part of the government's ongoing efforts to streamline digital transaction taxation. Further circulars are expected to clarify the exact implementation procedures for this tax hike.