Demonetization: Govt does away with excise on PoS manufacturing
The government has done away with excise duty and the special additional duty on the manufacture of Point of Sale (PoS) devices in the aftermath of the demonetization drive, PTI said.
The government has done away with excise duty and the special additional duty on the manufacture of Point of Sale (PoS) devices in the aftermath of the demonetization drive, PTI said.
The government did away with the use of Rs 500 and Rs 1000 notes in the country on November 8, thereby pushing for a cashless economy to rein in black money. The move was also made to put an end to terror funding. Since the announcement, in the midst of the chaos to withdraw money, the government also set up PoS points where people could swipe their card and get up to Rs 2,000 per day.
The demonetized economy has seen a spike in the demand for PoS machines as people move to using plastic money to sail through the ongoing cash crunch. To aid the manufacture of these devices within the country, the government, on Monday, did away with the 12.5% excise duty and the 4% special additional duty on manufacturing.
More details to follow...