Tax cuts for ‘Bank Mitras’, hike in kisan card loans limit in rural fintech’s budget wishlist
fintech companies are seeking tax support from the government for last-mile agents and business correspondents, popularly known as ‘bank mitras’.
In a letter sent to the finance ministry, the industry body Business Correspondents Resource Council (BCRC) has sought a uniform goods and services tax rate of 5% for BC transactions.
Currently the government levies no tax on accounts in rural branches and Jan Dhan accounts, but transactions through other accounts are charged at 18%.
ET has seen a copy of the letter dated January 10.
“Between 40 to 50% of the transactions through BC networks are done by migrant workers and others in urban areas and since their accounts are not maintained in rural area branches, they are not eligible for tax breaks, they end up paying 18% GST on their transactions which is on the higher side," said BCFC chief executive Dharaindhar Tripathy.
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