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 

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