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GST Council extends return filing system for 3 months
12
Mar '18
Finance minister Arun Jaitley chairing the 26th GST Council meeting in New Delhi on March 10. Courtesy: Ministry of finance
Finance minister Arun Jaitley chairing the 26th GST Council meeting in New Delhi on March 10. Courtesy: Ministry of finance
At its 26th meeting, the Goods and Services Tax (GST) Council has extended the present system of filing of GSTR 3B and GSTR 1 for another three months i.e., April to June 2018 till the new return system is finalised. “A new model was discussed extensively, and Group of Ministers on IT has been tasked to finalise the same,” an official statement said.

The Council has also deferred the liability to pay tax on reverse charge basis till June 30, 2018. “In the meantime, a Group of Ministers will look into the modalities of its implementation to ensure that no inconvenience is caused to the trade and industry,” the statement said.

The Council has also recommended suspension of the provisions for deduction of tax at source (TDS) under section 51 of the CGST Act and collection of tax at source (TCS) under section 52 of the CGST Act till June 30, 2018. “In the meantime, the modalities of linking State and Central Governments accounting system with GSTN will be worked out so that seamless credit is available to the registered traders whose tax is deducted or collected at source,” the release said.

Further, a GST Implementation Committee (GIC) has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches.

The electronic way or e-way bill for movement of goods from one state to another (inter-state) will be implemented from April 1, 2018. For intra-state movement, the e-way bill would be rolled out in a phased manner beginning April 15. States would be divided into 4 lots for this phased rollout which would cover all the states by June 1. (RKS)

Fibre2Fashion News Desk – India


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