26th GST Council Meeting - Key Takeaways | H&R Block
Women and finances
Why women should manage their own finances
March 8, 2018
pmay-hfa under gst
Impact of GST on Affordable Housing
March 14, 2018

26th GST Council Meeting – Key Takeaways

26th gst council meeting

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.

1) No decision on simplification of return filing process

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.

2) Plan to curb tax evasion

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.

3) Future of GSTR-3B

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.

4) Extension of relief to exporters

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.

5) E-Way bill implementation

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.

6) Reverse Charge Mechanism

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.

7) Next GST Council Meeting

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.

If you need any assistance in filing your monthly GST returns, our team of in-house experts can help you with it. Contact us and get all the help you need to comply with the GST laws.

  • Share: 
Niteesh Singh
Niteesh Singh
Niteesh works as a Tax Researcher at H&R Block India. He makes taxes easy to understand for people. He creates content for the website, marketing activities and social media. He carries experience in creating a wide variety of content like blogs, press releases, research papers, etc.

Comments are closed.