The new GST has come into effect. Since September 22, many things needed by the common man have become much cheaper. Now GST has been abolished on many things. The government expected that after the GST cut, people would spend freely and this is also happening. Data shows that after the implementation of new GST rates, there has been a huge jump in spending on online platforms. The surprising thing is that people used credit cards to avail the benefit of GST cut on the very first day.

The Indian Express, quoting Reserve Bank of India (RBI) data, has said that on September 22, transactions worth Rs 10,000 crore were made through credit cards on e-commerce. This was almost 6 times more than that of September 21.

Data shows that people made huge purchases not only through credit cards but also through debit cards. On September 21, purchases worth Rs 193 crore were made through debit cards. Whereas, on September 22, people had made purchases worth more than Rs 800 crore through debit cards.

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How did purchases increase?

• by credit card: There were 36.16 lakh credit card transactions on e-commerce on 21st and people spent Rs 1.514 crore. On 22nd, approximately Rs 10,412 crore was spent in 94.99 lakh transactions.


• From POS Machine: Credit card transactions were also done extensively through POS machines at shops and showrooms. On 21st, Rs 1,107 crore was spent through credit cards through POS, while on 22nd, Rs 2,534 crore was spent.


• From Debit Card: On September 21, only Rs 193 crore were purchased through debit cards, but on September 22, purchases worth Rs 814 crore were made, which was 4 times more. On 22nd, 14.33 lakh transactions were done through debit cards.


• From UPI: Reserve Bank data shows that UPI transactions also increased significantly on 22nd. On September 21, transactions worth Rs 60,320 crore were made through UPI. At the same time, on September 22, transactions worth Rs 82,477 crore were made through UPI.

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Increasing digital transactions

There was a time when people used to avoid doing digital transactions but now it has become a part of everyday life of most people.

Even UPI, credit cards and debit cards are counted in digital transactions. RBI data shows that now 74% of the transactions that take place every day are digital transactions. This means that out of every 100 transactions worth Rs 74 are going digital.

Digital transactions are increasing in cities like Hyderabad, Pune, Bengaluru, while on the other hand, in cities like Ahmedabad, Kolkata, Jamshedpur, Mudrai and Rajkot, most of the transactions are still happening in cash.