Business

29th GST Council Meet Focuses On MSME Sector

JAVED SAIFI | 0
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| August 4 , 2018 , 19:18 IST

The 29th Goods and Service Tax (GST) Council meet on Saturday at Vigyan Bhawan was totally focused on the issues related to MSMEs (Micro, Small and Medium Enterprises) sector.

Union Minister Piyush Goyal described the 29th GST council meet as ‘Historic and extraordinary meeting.’

Goyal said, “100 percent MSMEs related issue or suggestions raised from the respective states were collected and discussed.”

While addressing the media Goyal said, “In the last 13 months there has been a condolence of the GST Council towards the MSMEs sector, and efforts have been made to relieve the sector, making the Council a constant effort from 13 months to simplify the GST.”

In order to bring the simplification in the procedure a lot of suggestions were discussed in the 29th GST council meeting.

Also Read: 28th GST Council Meeting: Rates Reduced, Return Simplified

"The GST council has received a lot of good suggestions, such as simplifying the process so that people will be encouraged to join the honest tax system GST," Goyal said.

The interim Finance Minister also thanked all the states representative and minister who came up with a lot of suggestion.

GST council has also decided to form a sub-committee under the leadership of Shiv Pratap Shukla, Minister of State for Finance.

Delhi Deputy Chief Minister Manish Sisodia, Deputy Chief Minister of Bihar, Sushil Kumar Modi, Finance Minister Punjab, Manpreet Singh Badal and Finance Minister Kerala, Thomas Isaac will also be a part of this committee to bring effective solutions and suggestion after the in-depth study of the subject.

Law Committee has been formed to handle the law related issues and Fitment Committee is formed to take decisions related to rates.

 Also Read:‘The Accidental Prime Minister’ Film Director Vijay Gutte Booked For Rs 34 Crores GST Fraud

The cashback of 20 percent from GST will be given to poor group consumers to encourage them to do the transaction through Rupay debit card, Bhim app, USSD and digitally.

On August 2, Goyal interacted with MSMEs spread across 12 cities and took feedback from them regarding Goods and Services Tax.

Previously, in the 28th GST Council meeting on July 22, several important decisions were taken like the exemption of sanitary napkins, Rakhi and more from GST, simplification in filing the returns and the benefit of input credit refund for the textile sector among other major decisions.