Government postpones decision to encourage digital payment for one year – The New Indian Express

Express News Service

NEW DELHI: The government's decision to encourage digital payments under the GST will be postponed for one year because it will have an impact on government revenue, as suggested by the ministerial committee.

Sushil Kumar Modi 's reunited today and decided to wait for the stabilization of income from the tax on products and services and new tax reporting systems in the United States. exercise in progress before considering different GST rates for payments in digital mode. 19659003] Regardless of this, another Ministerial Subcommittee of Modi, on the Reverse Charge Mechanism, decided to recommend to the GST Board to notify registrants who would be subject to the jurisdiction of the RCM.

GST Board, chaired by the Minister of Finance of the Union and including his state counterparts, at its next meeting on July 21. "Let Lise's revenue and GST revenue stabilize, so we can think about encouraging digital transactions." The GST Council, at its last meeting in May, had discussed granting a GST. 2% GST rate concession (when the tax rate is 3% or more) .Check or digital mode .Reference is Rs100 per transaction

GdM Gujarat, Nitinbhai Patel Bengal Minister of Finance, Amit Mitra, Minister of Finance of West Bengal, Capt Abhimanyu, Minister of Finance and Excise of Haryana, and Manpreet, Minister of Finance of Punjab Singh Badal

Regarding the decision on the RCM, Modi said the GoM will recommend that the GST Board decide on the clbad of registered persons who would be required to file taxes on the basis of the reverse charge. omit the current section 9 (4) and introduce a new subsection 9 (4) which will allow the government, on the recommendation of the GST Board, to notify specific clbades of registered persons of the goods that would be covered by the provisions of the MRC "He added:

The conditions and the date of collection of the MRC will be decided by the board, noted Modi

Under the MRC of the GST Act, registered dealers are required to pay taxes Currently, the MRC, which is presented as a anti-escape measure, was postponed until 30 September.

Punjab Finance Minister Manpreet Singh Badal and Kerala Finance Minister Thomas Issac are among others a part of the GdM on the MRC, which was formed in March by the GST Council.