GST Council Meeting: Extensions & e-Way Bill System Rollout

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  • GST Council Meeting

Council of GST has held 26th meet on 10th of March, where it looks into extension of few provisions and exemption announced earlier. In its agenda council has included discussion on return filing system to ensure simplified experience for users with consideration of revision in applicable provisions. Read below about the decision taken and announcement by the GST Council in its recent meeting.

Filing of online GST Returns:

For the purpose of online filing of GST Returns, the council extends the current system for 3 more months, where taxpayers shall continue filing of Form GSTR 3B & GSTR 1 for a period till June, 2018. The filing of these forms was limited made applicable till March, 2018 as the time of its applicability where filing of GSTR 3B is monthly basis. Other returns are required to be filed on regular basis as applicable. Agenda was to simplify the system, where the council has failed and has to extend the current system for further period. Additionally, to assure simplification, the Group of Minister on IT is asked to look into the process and system of filing after consultation of experts for better user experience for taxpayers and stakeholders.

GSTR 3B for February and March are to be filled by 20th of the succeeding month. Find below upcoming due dates for online filing of GST Returns.

GSTR 3B
February, 2018Before 20th March, 2018
March, 2018Before 20th April, 2018
GSTR 1 – for entities having turnover up to Rs 1.5 Crore
January to March, 201830th April, 2018
GSTR 1 – for entities having turnover exceeding Rs 1.5 Crore
January, 2018Before 10th March, 2018
February, 2018Before 10th April, 2018
March, 2018Before 10th May, 2018

Extension for Applicability of provisions:

As stated, filing of GSTR 1 & 3B will continue till period of June, 2018. Besides, following provisions are extended:

  • Applicability of Reverse Charge Mechanism on unregistered dealers is deferred further till June, 2018;
  • Suspension of provisions of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) to continue till 30th June, 2018. The Government accounting system will be exercised during given period for availability of seamless credit by registered traders whose tax is deducted or collected at source.

 Benefit to exporting community:

Tax exemptions on imported goods were available to exporters through various Export Promotion Schemes till end of March; however, council has declared extension for period of six months beyond 31stMarch, 2018. Hence, Council has agreed to defer the implementation of the e-Wallet scheme by 6 months up to 01.10.2018

The GST Network was earlier intimated for early processing of refunds by forwarding the claims to concerned authorities for immediate distribution. On review of the process for refund of ITC and IGST council finds resolutions of matters has been made quickly.   Another announcement related to exporters says deployment of new window to rectify the mistakes to claim and processing refunds for exporters. (To be declared later).

To be informed, the Council finds variance between the figures of IGST & Compensation Cess paid by importers at Customs ports and input tax credit of the same claimed in GSTR-3B on the basis of detailed Data Analytics.

Rollout of e-Way Bill:

Nationwide mandatory rollout of e-Way Bill is announced from April, 2018 for movement of goods of value exceeding Rs 50,000 and other specified goods. Electronic way bill was earlier deferred due to glitches in the system for unannounced period. Recently Ministry of Finance has announced the implementation of e-Way Bill from 1st day of April, 2018 for interstate movement of goods whereas e-Way Bill for intra-state movement has been proposed to be implemented in phased manner, which has received approval of the council in this meeting.This implementation is proposed to be made by starting from 4-5 States in first phase.

The council not only shows its concern on simplification of system but also insist to ensure that simplification of processes or systems does not open room for evasion of taxes. Hence, even after discussion for two different models for GSTR filing, GST council could not made up its mind to deploy new system and has announced continuation of current system for further period of 3 months.

Delay in deployment of simplified system should not allow you delay in filing of return on time. Get in touch with our experts for more information or queries relating to GST Registration and online GST Return filing at  1800 313 4151 or support@legalwiz.in

26th GST Council meeting was held on Saturday, 10 March 2018 under chairmanship of Hon’ble Finance Minister, where consideration to deployment of new GST system was aimed in addition to seeking approval of implementation of e-Way Bill System for inter-state and intra-state movement. Get insights on latest meeting of GST Council here.

About the Author:

Shrijay Sheth
Shrijay, co-founder of LegalWiz.in, is best known for his business acumen. On this platform, he shares his experiences backed by a strong understanding of digital commerce businesses. His more than a decade-long career includes a contribution to some of the highly successful startups and eCommerce brands across the globe.

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