KSA Infomatrix

Cash-back offer for payments made via RuPay cards, BHIM App, UPI A Group of State Finance Ministers on GST discount, headed by Bihar Deputy Chief Minister Sushil Modi, on Friday gave its nod for incentivising digital payments through a cash back mechanism. As much as 20 per cent of total GST paid up to ₹100 per transaction would be provided as cash back on digital payments made through RuPay cards, BHIM App and UPI. This move will benefit RuPay card holders as well as BHIM App users, especially those in semi-urban and rural areas, Modi told reporters here after the meeting. Even if 20 per cent of total RuPay card and Bhim App users avail this benefit, the total revenue outgo in a year for the exchequer will not be more than ₹1,000 crore, Modi added. He also said that Centre and States would equally share the spend on this front. Modi said the proposal will now be taken up by the GST Council, at its meeting on Saturday. Interestingly, the decision will apply only on card

Percentage share of assessees in lowest, highest turnover slabs decline The Goods and Services Tax (GST) regime has seen a significant change in the assessee segmentation compared to the pre-GST era when VAT and Central excise were in place. There are fewer assessees now in the lowest and highest slabs while all the other slabs have seen an increase. As on July 25, a total of 63.7 lakh taxpayers migrated from the old system, while 49.53 lakh new taxpayers became part of the indirect tax system taking the total number of taxpayers under GST to more than 1.13 crore. These include 17.66 lakh taxpayers who have opted for the composition scheme. The government expects the total number of assessees to go up as the GST Council has decided to give businesses one more chance to migrate to the new system. To incentivise them, migrants may be allowed to file GST return for the July 2017-August 2018 period without any late fee. The GST regime requires any business with an annual turnov