LimeLightAnalysisBanking & FinanceGSTNews

GST Council Approved Major Structural Changes in GST Network

Sharing is caring!

GST Council has approved making GST-Network a government entity by taking over 51% stake that was held by private entities, revealed FM Arun Jaitley. Finance minister added, “Central government to own 50% in GST-Network; states to collectively hold the remaining 50%.” West Bengal FM Amit Mitra also revealed that states are opposing levy of sugar cess over and above the GST rate. Arun Jaitley also revealed that the GST Council has referred issue of giving 2% incentive for digital payments to a 5-member committee. He added that the GST Council has also deferrred the decision on imposing cess on sugar; the issue has been referred to group of five state FMs.

GST Council has approved making GST-Network a government entity by taking over 51% stake that was held by private entities, revealed FM Arun Jaitley . finance minister added, “Central government to own 50% in GST-Network; states to collectively hold the remaining 50%.”

Finance Secretary Hasmukh Adhia in his reaction said that the new system of single monthly return for GST to come into force in six months

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

Related Articles

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: