The 29th GST council meeting has discussed various significant issues related to the MSME sector. The small industries are continuously approaching the finance ministry for the resolution of their issues which has been discussed in the GST council meeting.
In the meeting, all the talks were based on the MSME sector as the sector forms a huge portion of Indian industry background. Certain issues like threshold limit for registration, input tax credit claim and reverse charge mechanism prevails in the MSME sector for a long time due to which multiple ministers have called the council for a resolution.
After the completion of 28th GST council meeting, there were a lot of decisions pending from the council. Most of the industries are knocking the doors of the finance ministry for the reduction of tax rates and ease of compliance, so here are some of the major points of discussion of 29th GST council meeting:
Major Discussion of 29th GST Council Meeting for MSME:
Cashback on Digital Payments
The GST council has decided to offer 20 percent cashback of GST paid on the transactions based on business to consumer (B2C) done by the means of BHIM, RuPay, Aadhar, UPI and USSD.
The government will develop the software with the help of NPCI to process the cashback. However, the council has also made a cap of INR 100 on the cashback amount.
The council also approved a 6 member ministerial panel head by State of minister for finance Shiv Pratap Shukla to look through the matter of MSME sector.
No decisions were taken on the rate cut or rate rationalization still. Also, there was no discussion on the GST return filing form simplification either.
Please open Tran-1 form as many of our clients had excise/vat stock credit but due to the closure of dates, they were not able to take credit, due to which they are paying tax unnecessary. Please please reply. As we are facing issues from clients.
Kindly share your grievance at gst portal.
Hi Subodh
Is there any concederation on waiver of late fees for late filling of gstr 3b for the months of nov’17 to mar’18.
No waiver has been given by the department for Nov to March 3b.
Hello Every one,
Is there any discussion on waiver of late fees for GSTR 3b filling till Mar 2018.
No update till now.
Since comprehensive Audit will be conducted from the integrated books of accounts, Double Audit will be a DUPLICATION OF SIMILAR WORK and it will be the very costly affair and a burden in the name of GST to pay extra fees and charges to CA or CMA for an additional reconciliation report for annual return?
Those who are supporting the regular VAT/KST returns lost certification of annual return are facing to surrender the files to the staff and associates linked to those eligible CA to certify the annual return since they are denying to sign the report and say “Income Tax, GST or VAT all to be certified by me and all should be under my office”.
Hello Sir,
Could you please confirm the source of the information you provided or its your opinion only…
Thankyou
All the issues are currently under the discussion and we will update you as soon as possible with credible links