Existing system of filing GST returns extended by 3 months: Jaitley

Existing system of filing GST returns extended by 3 months: Jaitley

Existing system of filing GST returns extended by 3 months: Jaitley

The Goods and Services Tax (GST) Council on Saturday finalised April 1, 2018, for the nationwide mandatory rollout of inter-state e-Way Bill, Finance Minister Arun Jaitley said here. In the 26th GST council meet, which was headed by Finance Minister Arun Jaitley, the council members chose to extend the existing system of filing returns by another three months. In its 24 February meeting, a group of ministers headed by Bihar deputy chief minister Sushil Modi recommended 1 April as the date for compulsory implementation of the system for inter-state goods movement.

"As a result of the sustained efforts made by the government to make GST trade friendly, the implementation of GST in the country has been smooth so far", Shukla said in a written reply to a question in the Lok Sabha. However, every state has to come on board for the intra-state implementation latest by June 1.

The first group of states to roll out intra-state e-way bill from April 15 will be decided on April 7.

For transporting goods worth more than Rs 50,000, an e-way bill has to be generated from April 1.

Sources said inclusion of such a provision is one of the key differences between the alternate monthly GST return that was proposed by the committee of officers to the GST Council on Saturday.

Alexa calling and messaging now available on Android, iOS and Fire tablets
Alexa is Amazon's artificially-intelligent smart assistant platform used in its Echo products and other compatible hardware. Which includes free two-day shipping, and pretty cheap (usually $3.99) next-day shipping if you need it extra fast.

"There were two models which were discussed by the GoM".

Jaitley said the tax bureaucracy wanted a mechanism to file returns which would leave no room for tax evasion. That's why, today there was no conclusive decision.

A new model was discussed extensively and a group of ministers on IT has been tasked to finalise it.

"The liability to pay tax on reverse charge basis has been deferred until June 30. The existing system has been extended by three months", Jaitley told reporters after the meeting. "Uncertainty regarding return filings, invoice matching etc is a cause for worry for industry as this creates a problem on how to prepare for compliances", Saloni Roy, Senior Director, Deloitte India said.

However, some states such as West Bengal questioned the legality of bringing extra neutral alcohol under GST, while some other states viewed it as a loss of control of their taxation powers and hence, no final decision was taken, the officials added. This notional / virtual currency would be used by the exporters to make the payment of GST / IGST on the goods imported / procured by them so their funds are not blocked.

Related news