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Key Points from 26th GST Council Meeting held on Saturday, 10th March 2018

24 Apr 2018

🗝 Key Points from 26th GST Council Meeting held on Saturday, 10th March 2018

1. Return filing System

Council decided to extend the Current system of filing return (GSTR-3B & GSTR-1) extended for another three months i.e., April to June, 2018 till the new return system is finalized.

 

2. Reverse charge mechanism

The liability to pay tax on Reverse Charge Mechanism (RCM) has been deferred till 30.06.2018.

 

3. TDS/TCS

The provisions for deduction of tax at source (TDS) under section 51 of the CGST Act and collection of tax at source (TCS) under section 52 of the CGST Act shall remain suspended till 30.06.2018.

 

4. Grievance Redressal Mechanism

GST implementation Committee (GIC) has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches.

 

5. Tax exemptions for exporters

(a) GST Council also agreed today to:

-> Defer the implementation of the e-Wallet scheme by 6 months i.e., up to 01.10.2018; and

-> Extend the present exemptions to exporters which is available up to 31.03.2018, extend for a further 6 months i.e., up to 01.10.2018.

(b) Special exporter (under Advance Authorization, EPCG and EOU schemes)refunds drives to be started from 15th March 2018 so that the refund claims can be cleared up to 31st March 2018.

(c) A new window shall open for exporter to rectify mistakes for refund

6. GST returns Data Analysis

CBEC and GSTN have started detailed data analytics across a number of data sets available with them. The outcome of preliminary data analysis has revealed interesting insights:

-> It has emerged that there is variance between the amounts of IGST & Compensation cess paid by importers at Customs ports and input tax credit of the same claimed in GSTR-3B.

-> There are major data gaps between self-declared liability in FORM GSTR-1 and FORM GSTR-3B.

7. Implementation of E-way Bill

(a) E-way bill for Interstate movements of goods to become mandatory w.e.f. 1st April 2018 as per amended E-Way bill rules 2018.

(b) The whole country divided into 4 regions for the purpose of Intrastate E-Way bill. Each region to have mandatory intrastate E-Way bill system on a gap of weekly basis so that e-way bill system will be introduced in all the regions w.e.f. a date to be announced in a phased manner but not later than 01st June, 2018.

(c) Consignor can authorize the transporter, courier agency and e-commerce operator to fill PART-A of the e-way bill on his behalf.

(d) E-way bill is required to be generated only where the value of the consignment exceeds Rs. 50000/-. For smaller value consignments, no e-way bill is required.

(e) No requirement to generate e-way bill where an individual consignment value is less than Rs. 50,000/-, even if the transporter is carrying goods of more than Rs. 50,000/- in a single conveyance.

(f) Value of exempted goods has been excluded from the value of the consignment, for the purpose of e-way bill generation.

(g) Railways have been exempted from generation and carrying of the e-way bill with the condition that without the production of an e-way bill, railways will not deliver the goods to the recipient. But railways are required to carry invoice or delivery challan etc.

(h) Time period for the recipient to communicate his acceptance or rejection of the consignment would be the validity period of the concerned e-way bill or 72 hours, whichever is earlier.

(i) In case of movement of goods on account of job-work, the registered job worker can also generate the e-way bill.

(J) Movement of goods from the place of the consignor to the place of transporter up to a distance of 50 Km [increased from 10 km] does not require filling of PART-B of the e-way bill. They have to generate PART-A of an e-way bill.

(k) Extra validity period has been provided for Over Dimensional Cargo (ODC).

(l) If the goods cannot be transported within the validity period of the e-way bill, the transporter may extend the validity period in case of transshipment or in case of circumstances of an exceptional nature.

(m) The conveyance once verified by any tax officer, the same conveyance will not be subject to the second check-in any State or Union territory, unless and until specific information for the same is received.

(n) The validity of one day will expire at midnight of the day immediately following the date of generation of the e-way bill.

(o) In case of movement of goods by railways, airways and waterways, the e-way bill can be generated even after commencement of movement of goods.

(p) Public conveyance has also been included as a mode of transport and the responsibility of generating the e-way bill in case of movement of goods by public transport would be that of the consignor or consignee.

(q) Movement of goods on account of Bill-To-Ship-To supply will be handled through the capturing of the place of dispatch in PART-A of the e-way bill.

Regards,
Team TaxBonaGST