26th GST Council meet: 9 Things you should know

26th GST Council meet pic

Highlights of 26th GST Council meeting held today at New Delhi

Finance ministry tweeted below suggestions made by GST council in its today’s meeting.  Below recommendations will come into force only after issue of notifications/circular from the department.   Keep visiting us for notification updates on 26th GST Council meet.

  1. Existing system of filing returns has been extend-ed for further 3 months i.e till 30th june 2018. Taxpayer needs to file GSTR 3B and GSTR 1 as per present system.  Check for GST Return due dates
  2. 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 introduce-d w.e.f. a date to be announce-d in phase-d manner.
  3. GST council extended 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 imports till 1st October,2018.
  4. GST Council further directed GSTN to process refund claims to the Customs/Central GST/State GST authorities in speedy manner.
  5. For merchant exporters a Special Scheme of payment of GST @ 0.1% on their procure-d goods was introduce-d.
  6. Domestic procurement made under Advance Authorization, EPCG and EOU Schemes were recognize-d 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
  7. GSTC Council further agreed 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. for a further 6 months i.e., upto 01.10.2018.
  8. Another major recommendation of the Council include deferment of the liability to pay tax on reverse charge basis till 30.06.2018.
  9. GST Council further recommend-ed suspension of the provisions for deduction of TDS under Section 51 of the CGST Act.   And collection of Tax at Source (TCS) under Section 52 of the CGST Act till 30.06.2018.

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