Foundation For Innovation And Technology Transfer





Welcome to FITT!     ***      Latest NEWS:      ***     1. [28-02-2020] - Notice Inviting Quotation Check Details Here!     ***     2. [21-02-2020] - FITT Launches the Flagship - WING 2020 Program for women Entrepreneurs with Invest India Check Details Here!     ***     3. [14-02-2020] - Vacancy Notification :- Account Assistant - I-TEC Sonipat - (Walkin on 21st Feb, 2020) Click Here!      ***     4. FITT invites Startups / Ideas for Financial Support Under TIDE 2.0 scheme - Call for proposals Apply Here!      ***     5. FITT announces the 2nd edition of IITD’s Batch of 1969 Innovation Fellow Award (2020) - Call for proposals Apply Here!     ***     6. Inviting Applications for "Fintech Innovation Challenge" reward upto Rs 4 lakhs Click Here!     ***          ***     7. FITT invites proposals under the Biotechnology Ignition Grant (BIG) scheme of BIRAC from 1st January to 15th February, 2020. Apply Here!     ***     8. Notice Inviting Quotation - Bioreactor for Mammalian Cell Culture : Click Here!      ***     9. To become FITT Corporate Member & avail additional benefits Apply Here!     ***     10. FITT-IIT Delhi files 150 IPs in 2019, breaks all previous records!     ***     11. First Founders Program- Apply here Click Here!     ***     

Fintech Innovation Challenge


Fintech Innovation Challenge seeks solution for the stated “Problem statement”

Problem Statement

Implementation of discount/cashback as a percentage of GST amount to the consumer on transactions made through RuPay (Debit card) and BHIM UPI, subject to a ceiling of Rs.100.

Example: A customer purchases an item of value Rs.100 which falls in the 18% GST slab. The customer has to pay Rs.118 (Rs.100 + Rs.18). As per scheme, a discount of 20% on the GST amount is Rs.3.6 will be given to customer as instant cashback or discount. Hence, customer will either pay Rs.118 and get Rs.3.6 as instant cashback or will pay discounted amount Rs.114.4. Further, merchants need to file GST as per their existing process with either the reduced amount (Rs.14.4 instead of Rs.18) or they file complete GST amount, i.e.,Rs.18 (Rs.14.4 + Rs.3.6), the differential amount of Rs.3.6 may be reimbursed to the merchants.

Some of the important identifiers like GST number payable tax and discount amount are to be captured for  UPI and RuPay(Debit card) transactions. GSTN should also be able to verify the discount/cashback details as and when required. NPCI, being the settlement/certifying institution, may need to store and share only relevant data as per the prevailing data protection policies.

The challenge will be conducted in three stages:

Stage 1. Screening of applications received at MeitY Startup Hub(MSH) Portal.

Stage 2. Presentation and submission of detailed implementation strategy by selected 10 entries from Stage 1.

Stage 3. Top 3 entries of Stage 2 will be implementing and presenting Proof of Concept (PoC) to test/verify the working of their solution.

Awards & Recognition

  • Recognition and certificate from MeitY for “innovative solution” for “GST linked tax incentive scheme for digital payments” for the top 10 entries selected from Stage-1.
  • Cash reward of Rs 1 lakh each to the best three entries of the Stage-2.
  • Amount of Rs 3 lakhs will be given to the entities who successfully demonstrate their PoC as per the evaluation committee.

For detailed information about the Challenge visit MeitY Startup Hub Website. https://meitystartuphub.in/