27th GST Council Meeting convened through Video Conferencing on 4th May, 2018

The 27th GST Council Meeting is set to be held on May 4th, 2018 over video conferencing. In the 27th GST Council Meeting, the major agendas to be taken up by the Government and GSTIN are:

• Simplification of the GST return filing forms
• Change of ownership of the GST Network
• Imposition of cess on sugar to clear the dues of farmers.

The meeting comes at a time when GST collections achieved its record high by exceeding Rs 1 lakh crore milestone in April.
A decision on simplification of tax return form is on the agenda with the Sushil Modi-led group of ministers (GoM) putting the three models of new form for discussions before the council, sources said.
The Council will also consider converting GSTN into a government-owned company with equal holding of states and the Centre. Currently, five private financial institutions -- HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd -- hold 51 percent stake in GSTN, which was incorporated on 28 March, 2013, in the erstwhile UPA regime. The remaining 49 percent stake is with the Centre and states.

As per the proposal being worked out by the Revenue Department, consumers paying through digital mode would be offered a discount over the maximum retail price (MRP). The discount would be capped at Rs 100.
Businesses, on the other hand, could get a cash-back based on the quantum of turnover through the digital mode. As a matter of precaution, the department will ascertain the veracity of the digital transactions reported by the businesses and then credit the cash-back to their bank account.