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National News

Aug 04, 2018

GST Council to offer cashbacks to poor sections of society for making digital payments : FM Piyush Goyal

Finance Minister Piyush Goyal today said the GST Council has approved a proposal to offer cashbacks to the poor sections of society for making digital payments through Rupay Debit card, BHIM, Aadhaar, UPI and USSD.

Briefing media after the 29th meeting of the GST Council in New Delhi, the Finance Minister said volunteer states would roll out incentives on a pilot basis for digital payments. Once implemented, customers would get a cash back of 20 per cent of the total GST amount, subject to a maximum limit of 100 rupees. 

Mr Goyal said that issues related to small businessmen and retailers were discussed today. He informed that a group of ministers, headed by Minister of State for Finance Shiv Pratap Shukla, has been formed to look into GST related issues of Micro, Small and Medium Enterprises, MSME sector. 

The Finance Minister said the council has decided to form sub committees under the leadership of Minister of State for Finance, Shiv Pratap Shukla to look after issues concerning MSME sector. Mr Goyal said the Law Committee will take decisions related to law and procedures and Fitment Committee will take decisions related to rates. 

The Minister said the recommendations made by the two panels will be further considered by the Group of Ministers which will be finally taken up for discussion by the GST Council.

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