On the 26th GST Council meeting on Saturday, Finance Minister Arun Jaitley failed to simplify the current GST process after deliberating on two models. Now, the decision for the same will be made in next meeting. However, E-way bill for inter-state movement of goods will be implemented from April 1.
26th GST Council Meet: No decision on GST Return Simplification, E-way bill rollout on April 1
Arun Jaitley said, “Intra-state e-Way Bill will be rolled out in a phased manner with four groups of states. Each group will come under it every week after April 1 and efforts will be made to implement it across the country by April end”. Tax Exemptions for exporters have also been extended by six months to September.
The last date for filing the GSTR-3B for a particular month is 20th of the next month.
Finance Minister also said Group of Ministers and IT Experts would explore all the models discussed today and decided on the implementation.
Important Takeaways from 26th GST Council Meeting
1. The intra-state e-way bill will be rolled out from April 15 in a phased manner and it will cover all the states will June 1.
2. Again there was a proposal for Reverse Change Mechanism which is been postponed for three months.
3. All the rules which are needed to be finalized for the Tax Deducted at Source (TDS) and Tax Collection at Source (TCS) system, which includes linking of accounting system of both Central and State Government have been extended till June 30, 2018.
4. The current system of Filing Income Tax Returns has been extended to three more months.
5. All the Business have to file the returns as per GSTR-3B until June as GST Council has extended the existing system of filing returns.
6. E-way Bill for Inter-state movement of goods will be implemented from April 1.
7. According to the GST Rules, e-way bill will be generated and carried for a movement of all goods valued at over Rs 50,000. Apart from this, the council has also discussed two new ways of filing income tax returns.
8. Council has not simplified Good and Service Tax return form and assign the responsibility to the ministerial panel under Sushil Modi to Chalk out a single page form which is simpler and evasion proof.
In the 26th GST Council Meet: No decision on GST Return Simplification, E-way bill rollout on April 1 and all over details are available above.