The GST Council along with Finance Minister Piyush Goyal during the 29th GST meeting at Delhi to discuss the tax issues faced by MSMEs. The main agenda of the meeting is to focus on the simplification of policy, streamlining compliance to reduce the burden & resolve issues affecting the MSME sector.
Listed below are some of the key issues which were discussed during the meeting.
Key updates from the 29th GST Council Meeting has concluded with key recommendations about incentivizing digital payments. The GST Council has formed a new panel of minister who will review issues for small businesses and MSMEs related to GST law, rates & refunds. & refunds.
Cashback on Digital Transactions
The GST Council has decided to offer 20% cashback of the GST paid on the transactions done via BHIM, RuPay, Aadhar, UPI & USSD. The Council has recommended to build a software with the help of NPCI to process the cashback. Also, the Council has imposed a limitation of Rs 100 per transaction.
Sub Committee to review MSME issues
The GoM, headed by Minister of State (MoS) for Finance Shiv Pratap Shukla, will soon submit a report on the tax problems faced by MSMEs. The Panel of Ministers will review the issues pertaining to MSME sector considering all aspects of GST Laws, simplification of the policy, reducing compliance burden and technology-related issues affecting MSMEs. Also, a senior committee will consider rate proposals related to the rate cut.
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