GST Council's Group of Ministers to check fiscal impact of tax concession
GST Council's Group of Ministers to check fiscal impact of tax concession
May 12, 2018

The Group of Ministers (GoM) constituted by the GST Council to look into incentivising digital payments will examine the fiscal impact of proposed tax concessions. According to Bihar Deputy Chief Minister Sushil Modi, who heads the panel, it will also study “international best practices” on moving towards a less-cash economy.

The five-member GoM includes Gujarat Deputy CM Nitinbhai Patel, West Bengal Finance Minister Amit Mitra, Haryana Excise & Taxation Minister Capt Abhimanyu and Punjab Finance Minister Manpreet Singh Badal. The GST Council had last week deliberated on giving a concession of two per cent in GST rate (where the tax rate is three per cent or more) to consumers making payment through cheques or digital modes. The discount would be capped at Rs 100 per transaction.

“The GoM will meet one more time as there are issues to be discussed, including the benefits or losses to the exchequer,” Modi said, stating that the GoM will meet again in 10 days and finalise its view, which would then be recommended to the GST Council. “In the mean time the officials will collect some data on the revenue implication and the gains. Issues raised by various states will be taken into account,” he said.

Source :  The News Indian Express

Top Stories
Revised GST Tax Rates To Go Live On July 27: Several Home Appliances To Be Taxed At 18 Percent
The GST Council entrusted with placing consumer goods and services in multiple tax slabs, removed se...
Jul 25, 2018
GST rate cut: Consumer electronics, kitchen appliances, leather items, footwear get cheaper
In its 28th meeting, the GST Council gave its approval to slash tax rates on over 100 items that wer...
Jul 22, 2018
Income Tax department seeks GST and GAAR details in new audit form
The Income Tax department has changed a form in the tax audit report, seeking details of the goods a...
Jul 25, 2018
GST rate cut to bring renewed interest in beneficiary stocks
The GST council’s monsoon bonanza for consumers in reducing rates on several general use items is li...
Jul 24, 2018
No GST refunds for foreigners
Foreigners coming to India may not get the go­ods and services tax (GST) refunds on goods purchased ...
Aug 7, 2018
Articles on GST