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In this article , you will get to know about the key highlights and decisions made in the 29th GST Council Meeting.
Latest Updates
1st September 2021
45th GST Council meeting will be held on 17th September 2021. Tax concessions on COVID-19 essentials may be extended, Matter on GST compensation to states may be taken up, correction of inverted tax structure, etc are on the agenda.
28th May 2021
43rd GST Council meeting took place on 28th May 2021. The Council approved the GST amnesty scheme to be re-introduced, the late fee was rationalised for all taxpayers, especially for small taxpayers and IGST is exempted on import of COVID treating equipment and relief materials up to 31st August 2021.
21st May 2021
43rd GST Council meeting will take place on 28th May 2021 (Friday) at 11 A.M. via video conferencing and will be chaired by Union FM Nirmala Sitharaman.
18th February 2021
Various media sources have stated that the next 43rd/44th GST Council Meeting is set to be held in mid-March 2021.
12th October 2020
The extended 42nd GST council meeting (also referred as 43rd GST Council meet by certain media sources) was held on 12th October 2020 with the following highlights:
1. The meeting ended with no unanimity on the borrowing issue.
2. The levy of compensation cess will continue beyond the 5-year period.
3. The centre will not be able to borrow funds to meet the compensation cess shortfall.
4. It was also clarified in the press briefing that the cess collected July 2022 onwards will not be disbursed to the states.
5th October 2020
At the 1st of the 42nd GST Council meeting, the GST council discussed the pressing compensation cess issue and other matters with regard to ease of return filing and GST rate reduction.
27th August 2020
41st GST Council meeting was held on 27th August 2020 via VC with the key item on agenda being the ways to compensate for the GST revenue shortfall to the states.
12th June 2020
40th GST Council meeting concluded with major announcements made for MSMEs.
1st September 2021
45th GST Council meeting will be held on 17th September 2021. Tax concessions on COVID-19 essentials may be extended, Matter on GST compensation to states may be taken up, correction of inverted tax structure, etc are on the agenda.
28th May 2021
43rd GST Council meeting took place on 28th May 2021. The Council approved the GST amnesty scheme to be re-introduced, the late fee was rationalised for all taxpayers, especially for small taxpayers and IGST is exempted on import of COVID treating equipment and relief materials up to 31st August 2021.
21st May 2021
43rd GST Council meeting will take place on 28th May 2021 (Friday) at 11 A.M. via video conferencing and will be chaired by Union FM Nirmala Sitharaman.
18th February 2021
Various media sources have stated that the next 43rd/44th GST Council Meeting is set to be held in mid-March 2021.
29th GST council meeting was held on 4th of August 2018 (i.e Saturday) in New Delhi. Shri Piyush Goyal chaired the Meeting and addressed the Press meet around 5 p.m.
1. Incentives in the form cashback will be offered on the GST component of the bill for payments made digitally. 2. Digital modes will include payments through – a. Rupay Debit card b. BHIM UPI c. UPI Aadhaar d. USSD (Unstructured Supplementary Service Data) 3. A cashback of 20% on the GST component will be credited to the consumers, which will be limited to Rs. 100 only per transaction. 4. This will be a trial basis process by the GST council to check whether it increases the tax payment compliances or not. 5. It will not be a compulsory adoption by the states. The states will have to volunteer for these processes to be implemented.
1. To Boost MSMEs and Small Businesses: A lot of deliberations happened at 28th GST Council meeting on SME sector and this 29th GST Council meeting will be an extension of this discussion with further substantiation to proposals made earlier. With GST in place, Small and Medium Enterprises have been benefitted a lot with many compliance reliefs given in the form of threshold exemptions, Composition schemes, the Quarterly filing of the GST returns to mention a few. This meeting will be principally convened to discuss the various issues faced by Small Businesses and to promote employment and entrepreneurship in the SMEs sector. Following possibly on agenda for MSMEs:
2. Improving outreach of Digital Payments facilities among Indians: Shri Piyush Goyal indicated that the popularity of various facilities like Rupay Debit card, BHIM app needs to grow among the middle-class and lower-class segment of Indian Population and this meeting will be facilitated to further discuss and decide on the proposals put forth by Shri Sushil Kumar Modi committee formed for Digital Payments.
For Further Reading and Understanding on GST Council meets, check out:
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