12 三月 2018

26th Meeting of GST Council held on 10th of March, 2018 – Highlights

GST Council met on 10th of March 2018 and took decisions on various issues. According to the Press Releases issued highlighting the recommendations of the Council, E-way bill provisions for inter-State movement of goods are to be implemented across the country from 1st April 2018.

Exemptions from GST on specified imports are to be extended till 30-9-2018, while present system of filing of GSTR 3B and GSTR 1 will be extended for another 3 months, i.e. till the month of June 2018. Further, reverse charge mechanism will be deferred till 30-6-2018, and TDS/TCS provisions will remain suspended till 30-6-2018.


E-way Bill:

E-way Bill for inter-State movement of goods is set to be implemented from 1st of April, 2018, while e-way bill for intra-State movement of goods will be introduced in a phased manner but not later than 1st of June, 2018.

According to Press Release issued on 10th of March, 2018, there would be no requirement to generate e-way bill where individual consignment value is less than Rs. 50,000/-, even if transporter carrying goods of more than Rs. 50,000/- in a single conveyance. It is stated that Rule 138(7) of CGST Rules will be notified later in this regard. It may be noted that the Press Release issued on 10th of March for the purpose, largely reiterates latest amendments being made in the CGST Rules as circulated on 7th of March, 2018.


Relief to exporters:  

Present dispensation in terms of exemptions, under various Export Promotion Schemes, etc., which are available up to 31-3-2018, are to be extended till 30-9-2018 (for further period of 6 months). At present imports and domestic procurements under various Advance Authorisations, EPCG scheme and by EOUs are exempted from IGST/GST till 31-3-2018. The Press Release in this regard also notes that at present merchant exporters can procure goods under a special scheme @ 0.1% GST.

Consequently, implementation of the e-Wallet scheme has been deferred by 6 months, i.e. till 1-10-2018.


Return filing:

GST Council has recommended that the present system of filing of GSTR 3B return every monthly and GSTR 1 return, to be filed monthly/quarterly, be extended for another three months, i.e. till the month of June 2018.


Reverse Charge Mechanism and TDS/TCS:

Liability to pay GST on reverse charge basis in case of procurements from unregistered persons, has been recommended to be deferred till 30th June 2018. Further, according to the latest Press Release, TDS and TCS provisions under Section 51 and 52 of the CGST Act will also remain suspended till 30th June 2018.


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