29th Meeting of GST Council has been conducted at New Delhi (dt. 4 August 2018) at a very short interval, especially to deliberate and discuss upon the issues relating to Simplification and Rationalization of GST Laws from the perspective of MSMEs and Small Taxpayers.
Updates are coming from News Reports that the 29th GST Council Meeting has concluded with key recommendations/ decisions about incentivising digital payments thru Bhima App, RuPay Card, etc. and to constitute a new panel/ sub-committee for reviewing issues of MSMEs and Small traders relating to GST law/ rates/ refunds.
Below are the Key Highlights of 29th GST Council Meeting:
i) 20% of GST as Cash Back on Digital Transactions: To promote digital transaction, increase compliance and collection in taxes, GST Council has recommended cash back of 20% of GST paid via Bhima App, RuPay Debit and UPI-based transaction, capped at Rs 100. The GST Council has recommended developing such software and any State willing to do so can implement the same on a pilot basis.
ii) Sub-committee/ Panel for MSME Issues: To address the issues of MSMEs and Small Taxpayers, the GST Council has decided to constitute a new Panel/ Sub-Committee to review the concerns of stakeholders on various law-related and GST rates related issues, including issues relating to refunds, followed with the submission of a report thereon.
Total 157 issues were submitted before the Council. While addressing the media after the meeting, the Finance Minister Piyush Goyal said that several issues related to small businessmen and retailers were discussed in the meeting.