LATEST NEWS & ANNOUNCEMENTS -*- SAMANVAYA- Startups and Technology fighting corona virus Notice inviting quotations for Optics development and characterization of developed quadrant detector - Click here: Optics_char*** Notice Inviting Quotations for supply of Laptop Note Book - Click here: BID-Laptop Note Book ***FITT- Technopreneurship Bulletin, April- 2021Awardees of POSOCO Power System Awards (PPSA)-2021- Click here!Newsletter for January- 2021- Click here!IIT Delhi Research and Innovation Park Brochure- Click here!Hyundai Motor India Foundation Signs MoU with Foundation for Innovation and Technology Transfer (FITT), IIT DelhiFITT invites Corporates and Startups for engagements in the upcoming Research and Innovation Park at the IIT Delhi campus in Hauz Khas - Detail Brochure -Click here!FITT Brochure- Click here!Macmillan Education India has associated with FITT, IIT Delhi, for advice on ‘Development of Virtual Learning Solution (VLS)Information on IP directly filed by IIT Delhi Faculty Submission Form Click here for detailsStartup India Hub & Learning Program Know more This website is under constant surveillance and monitoring of Technology Team at FITT. The digital Assets of FITT are NOT available in Select Countries/Regions due to Enhanced Security Threats posed by users of such Regions.
Start Menu

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/