Companies earning more than 50 lakh per month must make 1% tax payment in cash

The Indian Finance Ministry has announced their new rule which involves sales of companies earning over 50 lakh per month must pay 1% tax in cash. This rule is said to reduce credit use from taxes paid on raw materials. This rule will come into effect from 1st January onwards. It has been set in motion to get a hold onto people who conduct fraud practices by  selecting products depending on tax prices so that they exchange fake invoices without tax payment in solid cash and using credits for themselves.