Excise duty exemption for PoS devices
In what is seen as yet another big push of the Modi-led government towards digital economy, the Centre has provided excise duty exemption on Point-of-Sale (PoS) devices manufactured in the country.
This excise duty exemption has also been extended to all goods for manufacture of POS. However, the excise duty exemption in both cases will be available only till March 31, 2017, according to a Finance Ministry notification.
As on date, the total PoS machines in use is only about 1.2 million. There has been very tepid growth in the PoS universe.
‘A big step forward’
Reacting to the Finance Ministry move, AP Hota, Managing Director & CEO, National Payments Corporation of India, said that removal of excise duty on PoS manufacturing is a big step forward.
“The country took five years to add last one million terminals. The government now plans to bring one million terminals in the next three months. It would certainly accelerate usage of cards on PoS,” Hota added.