29th GST Council Meeting - Key Takeaways | H&R Block | Blog
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Key Takeaways from 29th GST Council Meeting

The 29th GST Council meeting was held on August 4, 2018, in New Delhi. The main agenda of the meeting was to address the concerns of MSMEs and digital transactions. Here are the key takeaways from the meeting.

1) Cashback on Digital Transactions

To promote digital economy by increasing the user base of digital transactions, the GST Council has recommended a cashback program. The council has proposed that users making transactions through BHIM application and RuPay cards should get 20% of GST paid as cashback (capped up to Rs 100). It is expected that the government will incur a loss of approximately Rs 980 crore due to this program.

[ Read: Digitisation ]

2) Sub-committee for MSME’s issues

To address the problems being faced by MSMEs regarding GST compliance, the council has decided to create a sub-committee consisting of ministers. This group of ministers will be responsible for evaluating all the proposals meant to give relief to MSMEs with a turnover up to Rs 1.5 crore.

3) No Rate cuts

The council did not make any proposal regarding revision of tax rate against the expectation. The revenue from GST was estimated to be Rs 3.36 lakh crore. However, the actual revenue was considerably lower at Rs 2.86 lakh crore. Hence, no rate cuts were proposed.

4) Next GST Council Meeting

The next GST Council meeting will be held on September 28, 2018, and September 29, 2018, in Goa.

How can H&R Block help you?

After the implementation of GST, the tax compliance requirements have changed drastically. As a result, several businesses find it challenging to focus on their business while trying to be GST compliant. This is where we come into the picture. Our team of in-house GST experts can help you meet all the GST compliance requirements right from registration and filing of returns to handling notices.

[Read more on GST Council Meetings]

Niteesh Singh
Niteesh Singh
Niteesh works as a Tax Researcher at H&R Block India. He makes taxes easy to understand for people. He creates content for the website, marketing activities and social media. He carries experience in creating a wide variety of content like blogs, press releases, research papers, etc.

4 Comments

  1. Rajiv.D.Rahalkar says:

    I wish to know,whether reverse charge mechanism of GST on M.F. and F.D.R. CANVASSING agents has been further differed or ,reverse GST deduction has been started

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