GST NEWS
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
FM simplifies GST refund claim process for businesses
Easing compliance burden for businesses, the Finance Ministry has said GST refunds can be claimed by...
Sep 6, 2018
239 Views
September last month to fix GST filing errors, claim credit for FY18
September is crucial for taxpayers under the new goods and services tax (GST) regime, as it will be ...
Sep 10, 2018
307 Views
Govt draws up plan to boost GST revenues
Alarmed by a nearly four-fold rise in GST compensation to states for June-July, the Finance Ministry...
Sep 10, 2018
185 Views
Companies not passing benefits of GST cut to customers, govt plans to hike penalty
Have the prices of regular use commodities come down after the government and the GST council slashe...
Sep 4, 2018
147 Views
GST returns: New system unlikely before next elections
The roll-out of the new simplified return-filing system for the goods and services tax (GST), which ...
Aug 31, 2018
264 Views
Articles on GST