ICAI Dubai Chapter officials honor prominent Kannadiga NRI SM Syed Khalil
Dubai: A delegation from The Institute of Chartered Accountants of India (ICAI Dubai Chapter) recently visited the reputed NRI Businessman and founding member of the ICAI Dubai Chapter, SM Syed Khalil, at his residence in Dubai to extend their felicitations.
Led by Rajesh Kumar Somani, Chairman of the ICAI Dubai Chapter, the delegation included Secretary Rishi Chawla, Treasurer Dheeraj Ranasaria, and Executive Member Aashna Mulgaonkar.
During the visit, the delegation commended SM Syed Khalil for his dedicated service to the ICAI Dubai Chapter, where he served as Chairman for two terms between 1987 and 1994. They also acknowledged his ongoing guidance and support to the chapter's office bearers since its inception.
As a token of appreciation, the delegation presented SM Syed Khalil with a memento and expressed their gratitude for his continued support and mentorship in the future.
SM Syed Khalil, a distinguished chartered accountant, has contributed significantly to the UAE's business landscape, notably with the Galadari family for nearly three decades when he first joined as general manager of the Khaleej Times daily newspaper. His tenure includes serving as the Group Executive Director of Ilyas and Mustafa Galadari (IMG) Group from 2002 to 2011 and currently holding the position of Founding Chairman of K&K Enterprise, a general trading company based in Sharjah.
Prior to his UAE endeavors, Khalil held prominent roles with Mahindra Ugine Steel in India and served as Vice-Chairman of the Jashanmal Group of Companies. He also serves as the Chairman of Maadhyama Communications Ltd., and Chairman of news channel Sahil Online.
Additionally, he has established various media companies and charitable foundations in Dubai and India, demonstrating his commitment to philanthropy. He is also the patron and board members of various socio, cultural and charitable organisations both in India and UAE.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Govt not considering levying GST on UPI transactions above Rs 2,000: FinMin
New Delhi, Apr 18 (PTI): The government on Friday clarified that it is not mulling to levy GST on UPI transactions above Rs 2,000.
Clarifying on reports, which said that the government is considering levying Goods and Services Tax (GST) on UPI transactions over Rs 2,000, the finance ministry said they are completely false, misleading, and without any basis.
"Currently, there is no such proposal before the government," the ministry said in a statement.
GST is levied on charges, such as the Merchant Discount Rate (MDR), relating to payments made using certain instruments.
Effective January 2020, the Central Board of Direct Taxes (CBDT) has removed the MDR on person-to-merchant (P2M) UPI transactions.
"Since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions," the ministry said.
UPI transaction values have seen an exponential increase, growing from Rs 21.3 lakh crore in FY 2019-20 to Rs 260.56 lakh crore by March 2025.
The ministry also said the government remains committed to promoting digital payments via UPI.
To support and sustain the growth of UPI, an incentive scheme has been operational from FY2021-22. This scheme specifically targets low-value UPI (P2M) transactions, benefiting small merchants by alleviating transaction costs and promoting wider participation and innovation in digital payments.
In 2023-24, the government paid Rs 3,631 crore under the scheme, up from Rs 2,210 crore in 2022-23.
"The total incentive payouts under this scheme over the years reflect the government's sustained commitment to promoting UPI-based digital payments," the ministry noted.
