Government has decided to reduce the existing tax rate of 8 percent to 6 percent of the total turnover of traders and businessmen who accepted payments through digital means for the current financial year. <br/><br/>The small traders and businesses having a turnover of two crore rupees or less only will be benefited under this. The move is aimed at achieving the Government's mission of moving towards a less cash economy. <br/><br/>However, the existing rate of deemed profit of 8 per cent referred in the Income tax act, shall continue to apply in respect of total turnover or gross receipts received in cash.<br/><br/>'<br/><br/>