Existing Return Filing System Extended
NEW DELHI: The existing system of filing GST returns has been extended by another three months, finance minister Arun Jaitley said on Saturday after the 26th GST council meeting held in Delhi.
The council could not decide on a simplified GST return form and entrusted the Group of Ministers (GoM) under Sushil Modi to chalk out a single-page form which is simpler and evasion-proof.
“There was a detailed discussion. The council felt that there should be single return every month, it should be simple, not prone to evasion and there was a need to discuss how to simplify it further.
So, no decision was taken today. The existing system has been extended by three months,” Jaitley told reporters after the council’s meeting.
E-Way Bill from April 1st 2018
The council also announced dates of e-way bill rollout, the other major topic on the meeting’s agenda.
“E-way bill will be implemented from April 1 for inter-state movement of goods,” Jaitley said.
Intra-state e-way bill, on the other hand, will be rolled out from April 15 in a staggered manner and the entire country will be covered by June 1, news agency PTI quoted officials as saying.
The first group of states to roll out the intra-state e-way bill will be selected on April 7.
All the states will have the system in place by June 1. The e-way bill, which would be required to be presented to a GST inspector if asked for, is being touted as an anti-evasion measure and would help boost tax collections by clamping down on trade that currently happens on cash basis.
In another announcement, the finance minister said that tax exemption for exporters has been extended by six months.
In October, the council had decided that exporters will pay a nominal Integrated GST (IGST) rate of 0.1 per cent on merchant exports till March 31.
The council also suspended till June 30 the provision for deduction of TDS and collection of TCS, as well as implementation of the reverse charge mechanism.
Besides, the GST implementation committee has been tasked with the work of redressing grievances caused to taxpayers arising out of IT glitches.
Deloitte India Senior Director Saloni Roy said, “The proposal of introducing intra-state e-way bills in a staggered manner is a more pragmatic approach”.