GST Council 26th Meeting | Tax Insights

The Goods and Services Tax (‘GST’) Council in its 26th meeting held today, deliberated on various issues which amidst other things included rolling out of E way bill mechanism, suspension of reverse charge mechanism and granting relief to exporters.

Important decisions taken in the GST Council are summarised below:

Implementation of E way Bill

Inter-State movement of goods – E waybill to be generated from April 1, 2018.

Intra State movement of goods – E waybill to be implemented from April 15, 2018, in a phased manner by dividing States into 4 categories. All States expected to be covered latest by June 1, 2018.

Extension of existing return filing system in GSTR 3B form

Current system of filing simplified GST return in form GSTR 3B extended for next three months i.e. till June 2018.

Suspension of Reverse Charge Mechanism

Exemption to registered persons from paying GST under reverse charge on the supply of goods or services from an unregistered person, further suspended till July 1, 2018.

Extension of TDS and TCS Provisions

Owing to the lack of proper IT system in place, the Council also extended the applicability of TDS and TCS provisions till June 30, 2018

Relief to exporters

Export promotion schemes and tax exemptions on imports effected by exporters extended by further 6 months i.e. till October 1, 2018. New functionality to be introduced from March 15, 2018 on the GST portal to expedite the GST refund to exporters.

In addition to the above, the Group of Ministers (GoM) presented two return filing models. However, the Council did not take any decision on the simplification of GST return filing system. The Council has entrusted the panel of ministers to come up with a simpler and evasion proof single page return form.

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