Articles - GST

Highlights of 26th GST Council Meeting dated 10th March 2018

Highlights of 26th GST Council Meeting dated 10th March 2018

Looking for the updates of the 26th GST Council Meeting? Here are the most important ones.

 

  1. The current system of filing of GSTR-3B and GSTR-1 has been extended till June 2018. The simplification of the return filing process is under consideration.
  2. To facilitate the taxpayers, government has decided to further defer the provisions of reverse charge u/s 9(4) till June 2018. Moreover, a Group of Ministers have been appointed to look into the procedure through which this provision needs to be implemented in future so as to ensure that no inconvenience is caused to trade & industry.
  3. The benefits given to exporters under various export promotion schemes on the imported goods shall continue to exist for a further period of 6 months beyond March 31 i.e. up to 1st October, 2018, by the time e-wallet scheme is put in place.
  4. The electronic way (e-way) bill for inter-state movement will be implemented from April 1, 2018. However, for intra-state movement the e-way bill will be rolled out in a phased manner starting from April 15, 2018 and will cover all states by June 1, 2018. Major improvements have been made over the last set of rules such as exclusion of value of exempted goods from consignment values, extending validity period of bill in case of transshipment followed by other developments.
  5. The provisions related to TDS/TCS under Section 51 and Section 52 has been suspended till June 30, 2018. However, in order to provide seamless credit to registered taxpayers whose tax is deducted/collected at source, new modalities of linking state & central governments accounting system with GSTIN will be worked out soon.
  6. GST implementation Committee (GIC) has been tasked to work on IT glitches which are being faced by taxpayers.
  7. The progress of granting refunds has been reviewed on the positive note and GSTN has been directed to forward the pending claims to the authorities for necessary sanctions.
  8. It has been informed in the meeting that on the basis of preliminary data analysis, variances have been found in the data reported in GSTR-1, GSTR-3B and data held in customs records. It has schemed that the information will be analyzed further and necessary actions if any shall be taken.

 

Hope this article was helpful. Refer to the topics discussed in the 27th GST council meeting 

 

About EbizFiling.com:

 

EbizFiling.com is a motivated and progressive firm managed by like-minded people. It helps a variety of small, medium and large businesses to cater to all compliance requirements of Indian Laws.

 

Get in touch for a free consultation on info@ebizfiling.com or call 9643203209.

Team Ebizfiling

Ebizfiling.com is a leading online platform offering end-to-end business compliance solutions for startups, SMEs, and global companies. With a presence across India and international markets including the USA, UK, and Singapore, the company specializes in company/LLP incorporation, ITR and GST filings, legal advisory, and foreign subsidiary formation. Backed by experienced professionals including CAs, CSs, and legal experts, Ebizfiling delivers accurate, timely, and regulation-compliant services trusted by thousands of businesses. The platform aims to simplify complex compliance processes through technology, personalized support, and a deep understanding of Indian and global regulatory frameworks.

Leave a Comment

Recent Posts

CA vs CS Certificates in India – Types, Fees, and Compliance Explained

CA vs CS Certificates in India – Types, Fees, and Compliance Explained   Introduction   Certificates issued by Chartered Accountants (CAs) and…

10 hours ago

CS Certificates in India – Types, Information Required, Fees & UDIN Norms

CS Certificates in India – Types, Information Required, Fees & UDIN Norms   Introduction   In India, Company Secretary (CS) certificates are…

10 hours ago

Certificates in India – Types, Information Required, Charges & UDIN Norms

Certificates in India – Types, Information Required, Charges & UDIN Norms   Introduction   For many financial and compliance matters in India,…

10 hours ago

7 Essential Skills CAs Should Learn in 2025 for Growth

7 Essential Skills CAs Should Learn in 2025 for Growth As a content writer at Ebizfiling, I interact with Chartered…

1 day ago

Expecting a Tax Refund but Got a Demand? Understand Your 143(1) Notice

Expecting a Tax Refund but Got a Demand? Understand Your 143(1) Notice   Introduction If you were expecting a refund after…

1 day ago

Form 15H for PF Withdrawal Online

Form 15H for PF Withdrawal Online  Introduction Filing Form 15H for PF withdrawal online is an important step for anyone…

3 days ago