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The ministerial committee led by Sushil Modi will recommend to the GST Board that the proposal to encourage digital payments under the GST be deferred for one year, citing the implications for the revenues of the GST. application of the concessional tax rate. The committee, at its meeting today, has decided to wait for the stabilization of revenue from the goods and services tax and the new income tax systems in the fiscal year. going on before considering different GST rates for people who make payments in digital mode. Another Ministerial Committee of Modi, on the Indirect Charging Mechanism, decided to recommend to the GST Board to inform registrants who would be subject to the jurisdiction of the MRC.
The meetings of both groups of ministers were held today.
The recommendations of these ministerial groups will be submitted to the GST Council, chaired by the Minister of Finance of the Union and including his counterparts of state, at its next meeting on July 21.
Modi said the GoM This is not a timely time to encourage digital payments as this will have repercussions on revenues. "Let GST revenues and revenues stabilize, so we can think about encouraging digital transactions."
"The GoM will recommend that the Council consider the proposal for the digital transaction incentive again after one year.To encourage the digital transaction, the GST Council, at its last meeting in May, had discussed the granting of a 2 percent concession of the tax rate on goods and services (when the tax rate is 3 percent or more) to consumers making a payment by check or in digital mode.The discount is Rs 100 per transaction
Gujarat GdM, Nitinbhai Patel, Bengal Finance Minister, Amit Mitra, Minister of Finance of West Bengal, Minister of Excise and Haryana, Capt Abhimanyu and the Finance Minister of Punjab Manpreet Singh Badal
Regarding the decision on the RCM, Modi said the GoM will recommend that the GST Council decide on the category of registered people who would be held s to file taxes on the basis of reverse charge. recommended to omit the current section 9 (4) and to introduce a new subsection 9 (4) that will allow the government, on the recommendation of the GST Board, to notify specific categories of persons 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 council, noted Mr. Modi
Under the MRC of the GST Act, registered brokers are required to pay taxes
Currently, the RCM, which is presented as an anti-avoidance measure, has been postponed until September 30.
The Minister of Finance of Punjab, Manpreet Singh Badal, and Kerala Finance Minister Thomas Issac, among others, are part of the GdM on the MRC, which was formed in March by the GST Council.
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