Key highlights of decisions taken at the 29th GST Council Meeting:
(The meeting was held on Saturday, 4th August, 2018)
Various issues related to the MSME sector were discussed at the meeting as the small industries were continuously approaching the finance ministry for the resolution of their issues. It has been decided that a group/committee will be formed to discuss and address the issues and examine the compliance procedures and some relief proposals for this sector. This group/committee will work in alignment with the law and fitment committee to address the concerns of this sector
Incentives in the form cashback will be offered on the GST component for business-to-consumer transactions for payments which are made digitally (after developing the required technology). A cashback of 20% on tax payments made though Bhim App, RuPay Debit and UPI-based transactions subject to an upper limit of Rs. 100 will be credited to the customers, on a trial basis. However, these incentive schemes will have to be implemented by the states voluntarily without any compulsion.