GST council meeting Live Updates

GST council meeting Live Updates: Statesman’s objection not allowed after cashback plan

GST council meeting Live Updates

New Delhi : According to sources, there is no consensus after the states’ objection to the cashback plan in GST. The decision to send this issue to the GOM (Group of Ministers) has been decided.

A key meeting of the GST Council is under the chairmanship of Finance Minister Arun Jaitley. The decision to send this issue to the GOM (Group of Ministers) has been decided. Let me tell you that GST is meeting at a GST Council meeting on refunds or a proposal to waive income tax returns.

Key Notes Discussed in Council Meeting

  1. GST Return Simplification

A)  One Monthly Return Only

All taxpayers excluding a few exception like composition dealer shall be one monthly return.

B) Simple Return Design And Easy IT Interface

There shall be directional flow of invoices by the seller on any time basis during the month which would be the valid document to avail Input Tax Credit.

C)  No Automatic Reversal of Credit

D)  Supplier Side Control

E)  Transition

2. In the meeting of the GST Council, it was also considered to give a concession to the customer as a cash back on digital transaction.

3. Under GST Council GST, 3 ways of provisional refund were considered.

4.  Change in the Shareholding Pattern of GSTN : –

A decision has been taken in the GST Council meeting while taking steps to form a government company. A  decision has been taken to make GSTN a 100 percent shareholding of the government.

5.   There is no consensus after the states’ objection to the cashback plan in GST.

GST Council headed by Union Finance Minister Arun Jaitley also includes the Finance Minister of the other states including the Union Finance Minister. This meeting is being done through video conferencing.

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