The 26th GST Council Meeting which was earlier scheduled to be held on March 1, 2018, finally took place on March 10, 2018. Here are the key takeaways from the meeting.
As per its plan, the Council reviewed two plans to simplify return filing process. However, it could not come up with a conclusive simplification process. Therefore, it postponed the decision on simplification to the next GST Council meeting.
The council took a decision to form a GoM which will be responsible to come up with a solution for the problem of tax evasion in the new indirect tax regime.
The meeting headed by the Finance Minister also took a decision on the future of the return form GSTR-3B. It was decided that the taxpayers will be required to file this form for the next 3 months also.
The exporters have been enjoying the benefit of tax exemption under GST regime. The government took a decision to extend this benefit for six months.
It has been decided that the E-Way bill for intra-state movement of goods will be rolled out from April 15 in a staggered manner. By June 1, it will be implemented in the entire nation. For inter-state movement of goods, the bill will be implemented from April 1.
The liability for businesses to pay tax under reverse charge mechanism has been deferred till June 30, 2018. A GoM will be set-up to look into modalities of its implementation to ensure that it does not cause any inconvenience to the taxpayers.
Next GST council meeting will be held on April 1, 2018. Keep reading our blogs to stay updated with the latest GST and Income Tax related information.
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