Press release for incentive for digital payments & change in GST Rate

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Ankita Khetan | May 6, 2018 | Views 1662549

Press release for incentive for digital payments & change in GST Rate

Press release for incentive for digital payments & change in GST Rate

Click here to download the offiical press release for the above issued by CBIC on 04.05.2018


PRESS RELEASE

04th May 2018

PRESS NOTE IN RESPECT OF CHANGES IN GST RATE

[As per discussions in the 27th GST Council Meeting held on 4th May, 2018]

1. Incentive to promote Digital Transactions:

a) Keeping in view the need to move towards a less cash economy, the Council hasdiscussed in detail the proposal of a concession of 2% in GST rate [where the GSTrate is 3% or more, 1% each from applicable CGST and SGST rates] on B2Csupplies, for which payment is made through cheque or digital mode, subject to aceiling of Rs. 100 per transaction, so as to incentivise promotion of digital payment.

b) The council has recommended for setting up of a Group of Ministers from StateGovernments to look into the proposal and make recommendations, before the nextCouncil meeting, keeping in mind the views expressed in GST Council.

2. Imposition of Sugar Cess over and above 5% GST and reduction in GST rate onethanol :

a) Keeping in view the record production of sugar in the current sugar season, andconsequent depressed sugar prices and build-up of sugarcane arrears, the Councildiscussed the issue of imposition of sugar cess and reduction in GST rate on ethanolin great detail.

b) The council has recommended for setting up of a Group of Ministers from StateGovernments to look into the proposal and make recommendations, within twoweeks, keeping in mind the views expressed in GST Council in this regard.

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