Decisions taken by 26th GST Council meeting held on 10th March

 

26th GST Council Meeting held on 10th March following Major Decisions Were Taken

 

The 26th GST Council meeting held on 10th March 2018 failed to come up with any conclusive simplification process after deliberating on two models and has now postponed the decision for next Council meeting. But the following decision were taken.

 

Return recording conceded: The present arrangement of documenting GSTR 3B and GSTR 1 is reached out for three months till June 2018 till the new return framework is concluded. Another model was talked about widely and group ministers on IT has been entrusted to conclude the same. 

 

Assessment exceptions for exporters broadened: Available duty exclusions on imported products have been stretched out for a further a half year past 31.03.2018. Presently, exporters benefiting different fare advancement plans can keep on availing such exceptions on their imports upto 01.10.2018. At that point, e-wallet plot is relied upon to be set up to proceed with the advantages in future. 

 

E-Way Bill From April 1: The electronic way or e-route charge for development of merchandise between states will be executed from April 1. Be that as it may, for intra-state development, the e-way bill would be taken off in a staged way beginning April 15, and will cover every one of the states by June 1.

 

Return filing System

The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized. A new model was discussed extensively and Group of Ministers on IT has been tasked to finalize the same.

 

Reverse charge mechanism

The liability to pay tax on reverse charge basis has been deferred till 30.06.2018. In the meantime, a Group of Ministers will look into the modalities of its implementation to ensure that no inconvenience is caused to the trade and industry.

 

TDS/TCS

The provisions for deduction of tax at source (TDS) under section 51 of the CGST Act and collection of tax at source (TCS) under section 52 of the CGST Act shall remain suspended till 30.06.2018. In the meantime, the modalities of linking State and Central Governments accounting system with GSTN will be worked out so that seamless credit is available to the registered traders whose tax is deducted or collected at source.

 

Grievance Redressal Mechanism

GST implementation Committee (GIC) has been tasked with

 

Regarding Data Analysis

  1. It has emerged that there is variance between the amount of IGST & Compensation Cess paid by importers at Customs ports and input tax credit of the same claimed in GSTR-3B.

 

  1. There are major data gaps between self-declared liability in FORM GSTR-1 and FORM GSTR-3B.

 

It was deliberated that this information may be further analysed and adequate action may be initiated accordingly.

 

GSTR-3B Return: Due Dates For February And March

 

Due date of recording GSTR-3B return is 20th of the following month. For example, the 3B return for the long stretch of March can be documented whenever before April 20th, and correspondingly, the 3B return for the period of February can be recorded whenever before March 20th.

 

GSTR-1 Return: Due Dates For February And March

 

Citizens with a yearly turnover that adds up to Rs. 1.5 crore or less are committed to document their GSTR-1 returns quarterly. The due date for such citizens is 30th of the month following the finish of particular quarter. For the March (Jan 1 to March 31) quarter, for example, the due date would be 30th of April.

 

Those with a turnover of Rs. 1.5 crore or more are intended to document month to month returns of GSTR-1. The due date for month to month return is tenth of the month that comes two months after the finish of individual month. For example, the GSTR-1 return for the long stretch of January can be recorded by March 10. Similarly, returns for the periods of February and March can be recorded by April 10 and May 10.


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