Thu. Mar 28th, 2024

Finance Minister Piyush Goyal chaired the 29th GST Council meet in New Delhi today. This was his second GST Council meet. The agenda for the day included focussing on the Micro Small Medium Enterprises (MSMEs) issues and incentivizing BHIM UPI App cashback procedures.

A subcommittee- headed by  MoS Finance Shiv Pratap Shukla, would be set up to look into the GST related issues faced by MSME. This committee would then submit a report with suggestions. The issues concerning law/procedure would be taken up by the Law committee and the issues concerning rates would be taken up by the Fitment Committee, Mr. Goyal said.

In order to encourage digital platform for payments, a 20% cashback on total GST would be provided for transactions done over BHIM UPI app for a maximum of ₹100.

Mr.Goyal said that many issues pertaining the MSMEs were discussed. The next meeting would be held on 29-30 Sep in Goa.

The Group of Ministers headed by Bihar Deputy Chief Minister Sushil Modi hinted on recommending the use of RuPay cards and BHIM UPI app for cash back to boost digital payments before the meeting. This was in an attempt to encourage semi-urban and rural areas to adopt cashless payment procedures.

About  BHIM UPI

Bharat Interface for Money (BHIM) is a payments app that uses Unified Payments Interface (UPI). Prime Minister Narendra Modi launched it to bring financial inclusion to the nation. This is a product of NPCI and an initiative by the RBI.

28th GST Council Meeting

In the 28th GST Council Meeting, Piyush Goyal hinted on focussing MSME in the 29th meeting- to ease the technology related issues impacting their business. Tax rates of up to 80 items were reduced in the meeting.

 

By Varsha Santosh

I like to learn more about the little complexities of life, money

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