Existing system of filing GST returns to continue for another 3 months. Introduction of e-way bill across country from 1st April, 18-Decisions taken at 26th GST Council Meeting
Existing system of filing returns has been extended for another 3 months and meanwhile, GOM on the IT will look into it & consult tax experts among others.
GST Council recommended introduction of e-way bill for inter-State movement of goods across country from 1st April, 18. E-way bill system will be introduced w.e.f. a date to be announced in phased manner but not later than 1st June, 18: Ministry of Finance
GST Council also agreed today to:
(a) Defer the implementation of the e-Wallet scheme by 6 months i.e., upto 01.10.2018; and
(b) Extend the present dispensation in terms of exemptions etc. which is available up to 31.03.2018, for a further 6 months i.e., upto 01.10.2018.
Domestic procurement made under Advance Authorization, EPCG and EOU Schemes were recognized as ‘deemed exports’ with flexibility for either the suppliers or the exporters being able to claim a refund of GST/IGST paid thereon. All these avenues were made available upto 31.03.2018.
For merchant exporters a Special Scheme of payment of GST @ 0.1% on their procured goods was introduced.
The GST Council directed GSTN to expeditiously forward the balance refund claims to the Customs/Central GST/State GST authorities, as the case may be, for their immediate sanction and disbursal.
Te GST Council reviewed the progress in grant of refunds to exports of both IGST and Input Tax Credit. The Council appreciated that the pace of grant of IGST refund has picked up.
GST Council sent a strong positive signal to exporting community by deciding to extend the available tax exemptions on imported goods for further 6 months beyond 31st March,2018. Thus, exporters presently availing various Export Promotion Schemes can now continue to avail such exemptions on their imports up to 1st October,2018, by which time an e-Wallet Scheme is expected to be in place to continue the benefits in future.
These decision were taken at 26th meeting of the GST Council held on 10th March, 2018.----------- Similar Posts: -----------