Breaking News :

GST Council creates Sub-Committee of Ministers to recommend reliefs for MSMEs

8/4/2018

New Delhi, The GST Council on Saturday decided to constitute a Sub Committee of Ministers to discuss the issues relating to relief measures for Micro, Small & Medium Enterprises (MSME) sector. Briefing mediapersons after the meeting, Union Finance Minister Piyush Goyal said the sub committee will be headed by Shiv Pratap Shukla, Minister of State for Finance. Delhi Minister Manish Sisodia, Punjab and Kerala Finance Minister will be a part of this committee. He said most of the states were in the favour of giving reliefs to MSME sector which provides a large number of employment. Keeping the sentiments of the member states, the GST Council decided that the Fitment Committee of the Council will look into the rates of the items related to MSME sectors whereas Law Committee of the Council will look into the measures to make the system easy for at attractive for MSMEs. He said on the basis of these Committees report GoM will discuss the measures and will give its recommendations to GST Council based on which a final decision will be taken. On encouraging the digital transactions, Mr Goyal said the GST Council has okayed 20 per cent incentive as cash back on purchases made by lower section of people using Rupay card, USSD and Bhim App. But there will be limit of Rs 100 as cash back. In case the pilot project achieves the desired results, it may be continued otherwise it will be discontinued. States will have option to adopt it or not. On the sideline of the meeting, Mr Sisodiya said this was opposed by four states -- Punjab, Kerala, West Bengal and Delhi as cash back on national level will not be a good practice.

Opinions expressed in the comments are not reflective of Central Chronicle. Comments are moderated automatically.

Related Posts