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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
16th December 2022
48th GST Council Meeting is scheduled on 17th December 2022, Saturday. This meeting is happening after a gap of five months ahead of the Union Budget 2023, slated to be presented on 1st February 2023.
24th June 2022
The 47th GST Council meeting was held on the 28th and 29th of June 2022 in Chandigarh. Union FM Nirmala Sitharaman chaired this meeting and made recommendations to revise rates for revenue augmentation and correction of inversion while pruning the GST exemption list. Compliance relief was granted to e-commerce suppliers and composition taxpayers.
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: