National Payments Corporation of India (NPCI) has increased the UPI per transaction limit to Rs. 5 lakhs for tax payments with effect from 15th September 2024
UPI per transactions limit has been increased to Rs. 5 lakhs for tax payments. Earlier, in 2021. NPCI w.e.f. 14th December 2021 has increased the said limit of UPI transactions to Rs. 5 lakhs for Retail Direct Schemes and UPI based ASBA IPO.
In view of the circular dated 24.08.2024, the per transaction value limit in UPI has now been enhanced to 5 lakhs for entities under categories aligned to tax payments. This enhanced limit shall only be applicable to ‘Verified Merchants’, in the applicable category.
It has been directed that to Implement the said increased limit:
1. Banks/PSPs/UPI Apps shall ensure that per transaction limit has been enhanced for the categories of verified merchants.
2. Acquiring entities must ensure that the classification of their merchants within ‘MCC- 9311’ strictly adheres to the tax payments only. They shall ensure that entities are added to the ‘Verified Merchant’ list after proper due diligence.
3. Merchants shall ensure UPI as a payment mode is enabled for the increased limit for the tax payments category.
The updated chart of the UPI per transaction limits for specified categories are as under:
| Category | Identifier | Circular Reference/Remark |
| Tax Payments | MCC-9311 | New w.e.f. 15.09.2024 |
| Hospital & Educational Services | MCC- 8011, 8021, 8031, 8041, 8042,8049,8050, 8062, 8071, 8099,0742,8211,8220,8241, 8244,8249,8299 | Existing |
| IPO & G Sec through RBI Retail Direct Scheme (RDS) | MCC 6211 Purpose Code- 01 (IPO), 25 (RDS) | Existing |
Empanelment of General Observers for ICSI Examinations December 2026 ICSI has invited interested members to enroll as General Observers for…
ITAT answers some important and inter-related issues relating to deduction u/s 80IA In a recent judgment, ITAT has dealt with…
Carry forward of loss can not be denied for belated return, it is only the set off in subsequent year…
Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse…
Expenses to celebrate Diwali with staff creates a goodwill and, therefore amounts to expenses incurred for the purpose of business…
Section 292BB of the Income Tax Act, 1961 does not preclude Assessee raising objection for non issuance of notice u/s…