Shrikrishna Bhide

[The Followup @The_FollowUp]

"40 पैसा चार्ज देने में मर थोड़ी जाओगे, पहले चुभेगा फिर आदत लग जाएगी", नीति आयोग के उपाध्यक्ष ने जनता के जले पर नमक छिड़क दिया!

[AreyBangdu @AreyBangdu]

The rate at which BJP is making unpopular policies and tax every tiny thing possible... I think they have decided to be Aatmanirbhar and not to depend on star campaigner RaGa for future elections !!!

[Anirban Manna @AnirbanManna10]

Timeline of Tax-Terrorism🔽

▪️2018: LTCG Tax introduced at 10%
▪️2020: Dividends taxed as per investors' tax slab
▪️2023: Debt MFs stripped of indexation benefits
▪️2024: STCG increased to 20% (from 15%)
▪️2024: LTCG increased to 12.5% (from 10%)
▪️2024: STT raised on F&O
▪️2026: MDR on UPI-based transactions

[Keshav Arora @CommerceGuruu]

Now I understand Taxes completely

[Grey Gold @thegreygold]

UPI MDR = Monetising Democratic Republic

[Anirban Manna @AnirbanManna10]

This Govt has a habit of #disrupting smooth-running systems.

📉2018: FM Jaitley brings back 10% LTCG. Bear Market started after that.

📉2024: FM Sitharaman hikes STCG from 15% to 20%. Bear Market started after that and still continues.

📉2026: They introduce MDR charges on UPI, risking the disruption of India’s best digital asset.

❓Do you agree

[Neha Patel @Neha_S_Patel]

Nirmala Sitharaman should introduce:

Middle Class Existence Cess - 40%.

Reason for taxation: You exist.

Additional surcharge: You have a job.

Special cess: You made the mistake of saving money.

Penalty: You invested those savings and actually made a profit.

GST: You dared to spend what's left.

Welcome to financial freedom.

[Kanan Bahl @BahlKanan]

UPI MDR is only going to burden the low margin businesses.

The director of a Pharma company shared the impact on his business.

It’ll cost them ₹1.2 Crores a year in UPI TAX.

Assuming a 2-3% margin business, it’s a 11-17% hit on gross profits.

May as well lead to losses for many businesses if they don’t switch.

[Shekhar Dutt @DuttShekhar]

The govt is increasingly disincentivising spending

And, when the spending is disincentivised, economies go in a recession

So two possibilities here:
1. Economy is already bad and govt bankrupt, so need money from wherever
2. Govt has stopped caring whatever happens

I am increasingly thinking second is true as govt decisions are getting increasingly delinked from what middle class thinks..

Because most likely they have finally created a vote bank that does not vote on any of the issues and are all weather supporters

And a lot of the swing voters can be purchased at the last minute

[Ajay Srivastava @ajaydgft]

UPI Fees Are Not About Revenue

Keeping UPI free costs the government an estimated ₹2,000–2,500 crore annually.

This is tiny compared with subsidies of ₹2.03 lakh crore for food, ₹1.68 lakh crore for fertilisers, ₹22,800 crore for agricultural credit and ₹12,500 crore for petroleum and LPG.

NPCI itself earned ₹3,270 crore and retained a surplus of ₹1,552 crore in FY2025.

Clearly, this is not a revenue problem.

Also, charging for UPI will not save public money.

RBI spent ₹4,875 crore in FY2026 on printing banknotes alone, excluding the cost of transporting, storing, guarding, counting and replacing cash.

MDR could push small merchants and price-sensitive consumers back towards cash.

The real pressure thus is not the need for revenue.

It could be Washington.

The USTR’s 2026 report objected to the preferential position of UPI and RuPay, RuPay card payments through UPI and NPCI’s proposed 30% market-share cap.

Free UPI and RuPay divert billions of transactions away from Visa and Mastercard, which typically earn network fees of 1–3% on card payments.

Brazil refused to weaken Pix, its UPI-like public payment system, despite US pressure and an additional 25% tariff.

India should have shown similar resolve.

The government can easily afford free UPI; weakening it would impose far greater economic and strategic costs on India.

And the US may soon press for restrictions on Rupay card, and withdrawal of NPCI’s proposed 30% market-share cap.

[Sandeep Manudhane @sandeep_PT]

The MDR charge is so small. Why all the hue and cry?

1) Because “small” charges have a habit of growing. The STT was introduced in 2004 alongside the abolition of long-term capital gains tax on specified securities. LTCG tax returned in 2018; STT stayed. So the concern isn’t today’s ₹20 - it’s that once the charging mechanism exists, rates and limits can always change later. They will certainly :)
2) Merchants won’t simply absorb the cost forever. They may raise prices to recover it - even if they don’t show MDR separately. And because retail prices get rounded, a ₹20 cost can easily translate into a ₹30, ₹50 or larger increase in the selling price.
3) It can push transactions back towards cash. Some customers will ask for a cash discount; some merchants may prefer cash rather than bear MDR. That works against years of effort spent moving the economy towards digital payments.
4) The ₹2,000 threshold itself creates distortion. A ₹1,999 payment is free; a ₹2,001 payment attracts MDR. That creates an obvious incentive to split bills or restructure transactions simply to stay below the threshold.
5) There is a transparency problem. If merchants are discouraged from charging MDR separately, the cost doesn’t disappear but can simply get buried in prices. Then even customers paying by cash may end up paying the higher price.

So the real debate is not about 0.4% today. It is about precedent, pass-through, behavioural distortion, and what the charging structure can become tomorrow.

An excellent system, the pride of India, is being changed to benefit just a few large whales. Sad.

#MDR #UPI #RBI

[Shekhar Dutt @DuttShekhar]

Ministry of Finance is helping you get rich..

MDR on UPI proves it 🥳🥳

[Shekhar @Shekharcoool5]

भाईसाहब एक बडे Business Man हैं.

बस ये आपको UPI का पुरा हिसाब समझा देंगे.
देख लो.....

[RVAIDYA2000 🕉️ @rvaidya2000]

Third term arrogance or genuine ignorance?2004 India shining was borne out of arrogance and ignorance//Please WITHDRAW this scheme to help global networks like Google and Phone pay // Whom are we serving? @narendramodi RT

[Ra_Bies 3.0 @Ra_Bies]

Laadli Behna, Lomdi Bhaiyya schemes are the root of problems & issues like hike in STCG, LTCG, STT, MDR. Stop freebies, create work environment & infrastructure, industries for more employment opportunities and let people work & earn

[Dhruv Rathee Satire @DhruvRatheNx]

UPI MDR चार्ज आम भारतीयों पर बोझ डालने वाला फैसला है।

क्या सरकार UPI जैसे डिजिटल पब्लिक इंफ्रास्ट्रक्चर पर चार्ज लगाने के लिए वित्तीय क्षेत्र के हित समूहों के दबाव में आ रही है?

जनता को जवाब चाहिए।

[Mohini Maheshwari @mohinimaheshwa]

Govt has introduced UPI charges, Ignorant people believe that it will be charged by from merchant, they don’t understand that merchant never pays himself, he will charge from Customer only… See less

[Sumit Mehrotra @SumitResearch]

पहले ही

LTCG
Trump Tariff
War
FIIs selling
High Bond Yield
Rising Crude
Weak Rupee

से परेशान, उसके ऊपर

CAS
UPI Tax

कैसे होगी कमाई

[Rishi Bagree @rishibagree]

Every UPI transaction leaves a data trail. Digital payments pulled crores of cash sellers into GST nets that did not exist before. The subsidy is partly self-funded by the tax base it built. Zero MDR was never a freebie. It was a pricing strategy to formalize the economy, and it worked.

Let UPI be free, as it's cheaper than printing cash and helps increase tax collection.

[Income Tax Payers Forum (ITPF) @IncomeTaxPayers]

Dear @narendramodi ji, we demand resignation of Finance Minister @nsitharaman for imposing Transaction Fee on UPI. Income Tax Payers are getting squeezed in all aspects. This will impact Digitization initiatives of the Govt. Please protect Tax payers of the country.