GST Council approves rollout of e-way bill from April
GST Council approves rollout of e-way bill from April
GST Council likely to simplify tax returns in today's meeting
10 March, 2018, 21:55
The Goods and Services (GST) Council in its 26th meeting on Saturday is likely to simplify tax returns, sources from Ministry of Finance told ANI.
"As GST return filing is taking time to stabilise, eway bill can help detect and reduce tax evasion".
With businesses complaining of difficulty in invoice matching while filing final returns as well as complications in GSTN systems, the GST Council in November previous year extended GSTR-3B filing requirement till the end of March 2018 and did away with the filing of purchase return GSTR-2 and final return 3.
Jaitley said that while there were no tariff items on the agenda of the GST Council on Saturday but only some procedural issues including the simplification of the return filing system. But no concrete decision has been taken on it yet.
The council could not decide on a simplified GST return form and entrusted the ministerial panel under Sushil Modi to chalk out a single-page form, which is simpler and evasion-proof. The council, chaired by Finance Minister Arun Jaitley is also expected to discuss the extension of 3B returns, and the current position of revenue generated from GST. Another important matter likely to be reviewed is the implementation of the new e-way bill for inter and intra-state movement of goods. With the implementation of the new indirect tax system from July 1, exporters had to pay the duties first, while importing the raw material and seek refund after the finished good is exported. "E-way bill will be implemented from April 1 for inter-state movement of goods", Jaitley said.
"Each group will come under it every week after April 1 and efforts will be made to implement it across the country by April end", Jaitley said.
But member-states failed to agree on how to make it simpler for businesses to file tax returns in the newgoods and services tax (GST) regime. Furthermore, the value of exempted goods has been excluded from the value of the consignment for the objective of e-way bill generation, the council said.
The GST Council also made a decision to implement e-wallet scheme for giving refunds to exporters under GST by October 1, 2018; the date till which exporters can continue to claim tax exemptions given by the Council in its October 6 meeting.
It also extended the benefit of tax exemptions on imported goods for exporters by another six months and deferred the implementation of reverse charge mechanism by three months.
Additionally, all pending claims of refunds of exporters are expected to be cleared by March 31.
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