{"id":14601,"date":"2018-09-17T07:18:01","date_gmt":"2018-09-17T07:18:01","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=14601"},"modified":"2026-04-08T11:54:37","modified_gmt":"2026-04-08T06:24:37","slug":"digital-payments-empowering-msme-sector","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/digital-payments-empowering-msme-sector\/","title":{"rendered":"Digital Payments and Empowering MSME sector: 29th GST Council Meeting"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/digital-payments-empowering-msme-sector\/#29th_GST_Council_Meeting\" title=\"29th GST Council Meeting\">29th GST Council Meeting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/digital-payments-empowering-msme-sector\/#Aims_of_29th_GST_Council_Meeting\" title=\"Aims of 29th GST Council Meeting\">Aims of 29th GST Council Meeting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/digital-payments-empowering-msme-sector\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"29th_GST_Council_Meeting\"><\/span><strong>29th GST Council Meeting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">It has almost been a whole year since the implementation of <a href=\"https:\/\/www.legalraasta.com\/gst\/gst-introduction\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">GST<\/span><\/a>. It is safe to say that there were many initial glitches in the implementation of the act. However,\u00a0the government has introduced many radical changes in the <a href=\"https:\/\/www.legalraasta.com\/gst-return\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">GST Returns<\/span><\/a> as well as <a href=\"https:\/\/www.legalraasta.com\/gst-registration\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">GST registration<\/span><\/a> procedures with <a href=\"https:\/\/www.legalraasta.com\/blog\/gst-refund-claim-procedure-simplified\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">simplified GST refund claim procedures<\/span><\/a> as well as <span style=\"color: #0000ff;\">a<a style=\"color: #0000ff;\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-evasion-gst-commisioner\/\" target=\"_blank\" rel=\"noopener noreferrer\">ppointing the office of the GST commissioner(Investigation)<\/a><\/span>. The 29th meeting of the GST council was held on the 4th of August 2018.\u00a0 The meeting was basically to held to discuss the provisions of incentivizing digital payments and empowering <a href=\"https:\/\/www.legalraasta.com\/msme-benefits\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">MSME<\/span><\/a> sector. The 28th GST council meeting held on 21st of July was one which brought joy to middle-class income households because of <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.legalraasta.com\/blog\/gst-reduced-on-household-items\/\" target=\"_blank\" rel=\"noopener noreferrer\">GST reduction on household items<\/a>.<\/span><br \/>\nThe 30th GST Council meeting has been officially announced. It will be taking place in Goa on the 29th-30th of September 2018<\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Aims_of_29th_GST_Council_Meeting\"><\/span><strong>Aims of 29th GST Council Meeting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">The 28th meeting of the GST council was a major relief to the traders and services industry businessmen. There was a lot of deliberation in the meeting for the Micro, Small and Medium Entreprises (MSME)\u00a0 and issues surrounding them.MSME&#8217;s are an important part of our economy as they provide employment to over 5 Crore Indians. Read on: <a href=\"https:\/\/www.legalraasta.com\/blog\/importance-of-msme\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Importance of MSME in India<\/span><\/a>.<\/p>\n<p style=\"text-align: justify;\">Under the GST rules, the MSME have enjoyed quite a lot of relaxation with the compliance rules deadline exemptions, composition schemes as well as the Quarterly filing of GST return among many others. These helped out with the many issues surrounding these enterprises.<\/p>\n<p style=\"text-align: left;\">The 29th Meeting aimed at addressing more issues related to these enterprises. Let&#8217;s look at the agendas of the Council Meeting.<\/p>\n<p style=\"text-align: left; padding-left: 30px;\"><strong>MSMEs and their issues<\/strong><\/p>\n<ul>\n<li>Inter-State supplies will be provided with a threshold exemption of Rs. 20 Lakh.<\/li>\n<li>Proposal to increase exemption limit for generating an e-way bill to Rs. 1 lakh. Some states could be exempt from generating e-way bill altogether<\/li>\n<li>Plans to cut down tax rates up to 5% for agro products manufacturing SME units.<\/li>\n<li>Propositions to fasten the process of GST refund<\/li>\n<li>To modify the existing definition of MSME based on turnover, aligning the new definitions with GST laws.<\/li>\n<li>Helping devise a strategy to deal with and put an end to disputes cause during the VAT(Value Added Tax) regime. Discussions on a one-time resolution process applicable to all states.<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><strong>Incentivizing Digital Payments<\/strong><\/p>\n<ul>\n<li>Plans to popularize the digital modes of payment such as RuPay Cards, BHIM UPI, UPI Aadhar among the middle to low-income groups<\/li>\n<li>Formulating and holding a discussion on the proposals for incentivization of digital payments set forth by the Committee chaired by Shri Sushil Modi which have been deferred for a year.<\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">The GST council is making great strides for empowering employment and simplifying GST procedures as was discussed in the 28th meeting of the council. It is good to\u00a0 see that the council made attempts to incentivize Digital Payments and Empowering MSME sector. The GST council wishes to rise above from just regulation of revenue under taxation and wants to enable traders to generate more employment. It serves as a testament to the reform GST plans to bring to our country.<\/p>\n<p style=\"text-align: justify;\">GST laws can be tough to keep up with, and <a href=\"https:\/\/www.legalraasta.com\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">LegalRaasta<\/span><\/a> understands this. Follow our <a href=\"https:\/\/www.legalraasta.com\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">blog<\/span><\/a> for the latest updates on GST. For reading about the provisions of GST you can head over to our <a href=\"https:\/\/www.legalraasta.com\/gst\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">GST knowledge portal<\/span><\/a>.<\/p>\n<p style=\"text-align: justify;\">Taking this opportunity to introduce you to our state of the art GST software, <a href=\"https:\/\/www.taxraahi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Taxraahi<\/span><\/a> for GST return filings as well as<span style=\"color: #0000ff;\"> Income-Tax Return filings<\/span>. Log on to get your <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/login.taxraahi.com\/account\/gst?action=create\" target=\"_blank\" rel=\"noopener noreferrer\">FREE TRIAL<\/a>. <\/span>Apart from GST services we also specialize in managing an organization&#8217;s corporate affairs like <a href=\"https:\/\/www.legalraasta.com\/private-limited-company-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Company Registration<\/span><\/a> and <a href=\"https:\/\/www.legalraasta.com\/trademark-registration\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Trademark registration<\/span><\/a>. Call us with your requirements at <span style=\"color: #0000ff;\">+91-8750048585<\/span> or drop an e-mail at <a href=\"mailto:contact@legalraasta.com\"><span style=\"color: #0000ff;\">contact@legalraasta.com<\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>29th GST Council Meeting It has almost been a whole year since the implementation of GST. It is safe to say that there were many initial glitches in the implementation of the act. However,\u00a0the government has introduced many radical changes in the GST Returns as well as GST registration procedures with simplified GST refund claim procedures [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":14614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[125],"tags":[496,495,475,498,94,497],"class_list":["post-14601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst","tag-bhim-upi","tag-digital-payments","tag-gst-council","tag-gst-law","tag-msme","tag-rupay-card"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Digital Payments and Empowering MSME sector: GST Council Meeting<\/title>\n<meta name=\"description\" content=\"The 29th Meeting of the GST council was held on 4th of August 2018. 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