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Lok Sabha passes Taxation and Other Laws (Amendment) Bill, 2026

The Lok Sabha has passed the Taxation and Other Laws (Amendment) Bill, 2026, which amends the Payment and Settlement Systems Act, 2007. The legislation empowers the central government to permit banks and payment service providers to levy charges on UPI and other electronic transactions through future notifications. The bill was passed without debate amid persistent protests by the Opposition in the House.

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11 paksh15 articles

View of Lok Sabha chamber in the New Parliament building, New Delhi
File photo: Ministry of Parliamentary Affairs / GODL-India, via Wikimedia Commons

What Happened

Finance Minister Nirmala Sitharaman introduced the Taxation and Other Laws (Amendment) Bill, 2026, in the Lok Sabha. The legislation includes amendments to the Payment and Settlement Systems Act, 2007, the Income Tax Act, 2025, and the Finance Act, 2026. The House passed the bill via voice vote without discussion as Opposition members staged protests over unrelated issues.

The amendment removes the existing legal provision that prohibited banks and payment service providers from charging a Merchant Discount Rate on specific electronic payment modes, including UPI and RuPay. While the bill grants the government the authority to allow such charges, the current zero-fee structure remains in place until the government issues a formal notification specifying which electronic payment modes may be subject to fees.

Key Facts

  1. The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026, without debate.Source not recorded
  2. The bill amends the Payment and Settlement Systems Act, 2007.Source not recorded
  3. The legislation empowers the government to allow banks to levy charges on UPI and other electronic transactions.Source not recorded
  4. The bill does not immediately impose charges on UPI transactions.Source not recorded
  5. The government will specify which payment modes are subject to charges through future gazette notifications.Source not recorded
  6. The bill also includes amendments to the Income Tax Act, 2025, and the Finance Act, 2026.Source not recorded

About This Analysis

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