Summary of GST meeting 4th August 2018:
1. GOM for MSME Issues:
a. GST Council constitutes a Group of Ministers (GoM) to look into issues of MSME’s.
b. Finance Minister’s of Assam, Delhi, Punjab & Kerala will be part of this GoM.
c. Finance Minister of State – Shri Shiv Pratap Shukla ji will be head of this GoM.
Further a Sub-Committee to be formed under this GoM. This Committee will interact with MSME’s and listen to issues like
i. Return filing with Turnover upto Rs. 1.50 Crores
ii. Competition & Benefits of co’s with turnover upto Rs. 1.50 Crores
Further another sub-committee named fitment committee will submit report and will provide suggestions where rate changes are required.
2. Adding more MSME in GST Network
a. After GST Council meeting Mr. Sushil Modi, Finance Minister of Bihar, stated that it was also discussed to add more MSME to the GST Network.
b. He also discussed that steps would be taken in next meeting to benefit MSME’s.
3. Cash Back Facility:
a. GST Council gives approval for Pilot Project to promote Digital Payments through cash back of GST.
b. 20% cash back of GST paid to be proposed. Subject to maximum Rs. 100/-.
c. Cash Back applicable on payments through RuPay Debit Card, Bhim, USSD etc.
d. It’s on wish of States to launch this incentive scheme or not.
4. West Bengal opposes idea of Digital incentivization of GST!!
a. West Bengal Finance Minister Mr. Amit Mitra opposes the idea of Digital incentivization.
b. He said that these incentives will come from the GST’s revenue that was collected dearly.
c. He also says that total revenue loss in Q1 has been Rs 43,000 cr.
5. Next meeting to be held on month end of September’18 at Goa.