The GST Council held a brief meeting today at Vigyan Bhawan, New Delhi. While there was a big hype expecting simplification of returns in this meeting, the Council could not come to a consensus on the same. An implementation committee has been proposed to finetune the IT Processes and to address the grievances being faced by the taxpayers. The Council also extended various exemptions which were due to expire on the 31st of March, 2018. Some of the key decisions made at today’s Council meeting are as follows.
Ø The present system of filing of GSTR-3B and GSTR-1 is extended for another 3 months till the new return system is finalized.
Ø Exemption on payment of tax on reverse charge basis for supplies from unregistered suppliers has been further continued till 30th June, 2018.
Ø The provisions for TDS and TCS shall also remain suspended till 30th June, 2018.
Ø E-way bill Rules as notified on March 7, 2018 have been ratified by the Council. E-way bill for inter-State movement of goods shall be introduced from 01st April 2018.
Ø For intra-State movement of goods, e-way bill system will be introduced w.e.f. a date to be announced in a phased manner but not later than 01st June, 2018.
Ø GST implementation Committee (GIC) has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches.
Ø Benefit of various export promotion schemes, 0.1% scheme for merchant exporters and recognition of various schemes as deemed exports have been extended upto 01st October, 2018.
Ø E-Wallet Scheme for exporters has been deferred to 01st October, 2018 from April 1, 2018.
Ø Variance between self-declared liability in FORM GSTR-1 & FORM GSTR-3B and between taxes paid at the customs and credit taken in GSTR-3B has been significant. A committee to analyse the same has been formed.