Under the chairmanship of the present Finance minister Mr. Piyush Goyal, the 29th GST (Goods and Services Tax) Council Meet was held on 4th August 2018 (Saturday) at Vigyan Bhawan in New Delhi. The discussion was primarily based on various significant issues pertinent to (Micro, Small and Medium Enterprises) MSME sector.
Some of the important issues were like the threshold limit for registration, input tax credit claim and reverse charge mechanism existing in the MSME sector.
Since the completion of the 28th GST council meeting, a number of decisions were there before the council to be resolved. A good number of industries had been facing incalculable hassles regularly and thus they were eagerly looking forward to this meeting with a view to getting a fair reduction of tax rates and ease of compliance.
In a nutshell, we can say that the 29th GST Council Meet will bring about a positive impact to MSME (Micro, Small, and Medium Enterprises) sector in the coming future.
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