PAYMENTS ON RUPAY, BHIM TO GET GST REBATE

To promote digital payments in the country, GST Council on Saturday decided to launch pilot project under which discount of 20 per cent in GST — with an upper cap of `100 — will be given as cashback to consumers who pay only through Rupay card, BHIM app, Aadhaar Enabled Payment System, UPI and USSD.

This incentive will not be available for payments made through other digital instruments like VISA or Mastercard credit or debit cards.

Finance minister Piyush Goyal indicated that Rupay Card and Bhim has been selected for the cashback incentives as it is used by common man or weaker section of the society.

The GST Council meeting on Saturday was specifically called to look into the issues faced by the small and medium enterprises in the country who are major job creators.

The GST Council also set up a six-member panel of ministers under Minister of State for Finance Shiv Pratap Shukla to look into the issues of the MSME sector.

Simultaneously, the law and procedure as well as rates related issues for the MSME sector would be considered in detail by the law committee and the Fitment Committee comprising central and state tax officers. They will give their recommendations to the GoM, Mr Goyal said. The ministerial panel is expected to finalise its report within six weeks.