CBDT exempts some B2B transactions from deploying certain e-payment facilities

The Central Board of Direct Taxes (CBDT) has exempted businesses not dealing with retail customers from deploying certain e-payment facilities using debit cards powered by RuPay, Unified Payments Interface (UPI) and Unified Payments Interface Quick Response Code (UPI QR Code).

“It is hereby clarified that the provisions of Section 269SU of the Act shall not be applicable to a specified person having only B2B transaction s (i.e., no transaction with retail customer/consumer) if at least 95 per cent of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by any other mode than cash,” CBDT mentioned in a circular dated May 20.