10 key takeaways of 26th GST Council Meeting

10 key takeaways of 26th GST Council Meeting

GST E-way Bill and Composition Scheme To Be Main Agenda in Next Meeting

The 26th GST Council meeting chaired by Union Finance Minister Arun Jaitley today extended the existing system of filing returns by another three months.

10 key takeaways:

1. Intra-state e-way bill to be rolled out from April 15 in a staggered manner; entire country to be covered by June 1.

2. The Finance Minister extended the proposal for Reverse Charge Mechanism”There was another proposal of Reverse Charge Mechanism which has been extended for three months,” he said.

3. The formalities which need to be finalised for the Tax Deducted at Source (TDS) and Tax Collection at Source (TCS) system, which involves linking of the accounting system of both the central and state government, has been extended until June 30.

4. States to be divided into 4 lots to execute the staggered rollout.

5. Existing system of filing returns has been extended for another 3 months and meanwhile Group of Ministers on the Income Tax will look into it & consult tax experts among others: Union Finance Minister Arun Jaitley.

6. Kerala Finance Minister Thomas Isaac: Would not want to bring new items under GST.

7. Kerala FM: Businesses will continue to file summary sales return GSTR-3B till June as the GST Council extended the present system of return filing by three months.

8. E-way Bill will be implemented from April 1 for inter-state movement of goods: FM

9. Under the GST regime, an e-way bill needs to be generated and carried for movement of all goods valued at over Rs 50,000. Jaitley also said the Council has discussed two alternate ways of return filing processes.

10. Arun Jaitley said the Group of Ministers and the IT experts would explore the models discussed today and decided on the implementation.

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.

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