GST Council meet: 3 months to file tax; e-Way Bill from Apr 1; 10 updates
Finance Minister Arun Jaitley on Saturday announced that the e-way bill will be implemented from April 1 for inter-state movement of goods. While speaking to media after the crucial GST Council meet, Jaitley also said that the tax exemption for exporters has been extended by six months. Among other key decisions, intra-state e-way bill will be rolled out from April 15 in a staggered manner and the entire country will be covered by June 1. The present system of GST return-filing has also been extended by three months."Intra-state e-Way Bill will be rolled out in phased manner with four groups of states. Each group will come under it every week after April 1 and efforts will be made to implement it across the country by April end," Jaitley said after the 26th GST Council meet. In its February 24 meeting, a group of ministers headed by Bihar Deputy Chief Minister Sushil Modi recommended April 1 as the date for compulsory implementation of the system for inter-state goods movement.
10 key points:
1. Intra-state e-way bill to be rolled out from April 15 in a staggered manner; entire country to be covered by June 1
2. The Finance Minister extended the proposal for Reverse Charge Mechanism
"There was another proposal of Reverse Charge Mechanism which has been extended for three months," he said.
3. The formalities which need to be finalised for the Tax Deducted at Source (TDS) and Tax Collection at Source (TCS) system, which involves linking of the accounting system of both the central and state government, has been extended until June 30.
4. States to be divided into 4 lots to execute the staggered rollout
5. Existing system of filing returns has been extended for another 3 months and meanwhile Group of Ministers on the Income Tax will look into it & consult tax experts among others: Union Finance Minister Arun Jaitley
6. Kerala Finance Minister Thomas Isaac: Would not want to bring new items under GST
7. Kerala FM: Businesses will continue to file summary sales return GSTR-3B till June as the GST Council extended the present system of return filing by three months.
8. E-way Bill will be implemented from April 1 for inter-state movement of goods: FM
9. Under the GST regime, an e-way bill needs to be generated and carried for movement of all goods valued at over Rs 50,000. Jaitley also said the Council has discussed two alternate ways of return filing processes.
10. Arun Jaitley said the Group of Ministers and the IT experts would explore the models discussed today and decided on the implementation.
2. The Finance Minister extended the proposal for Reverse Charge Mechanism
"There was another proposal of Reverse Charge Mechanism which has been extended for three months," he said.
3. The formalities which need to be finalised for the Tax Deducted at Source (TDS) and Tax Collection at Source (TCS) system, which involves linking of the accounting system of both the central and state government, has been extended until June 30.
4. States to be divided into 4 lots to execute the staggered rollout
5. Existing system of filing returns has been extended for another 3 months and meanwhile Group of Ministers on the Income Tax will look into it & consult tax experts among others: Union Finance Minister Arun Jaitley
6. Kerala Finance Minister Thomas Isaac: Would not want to bring new items under GST
7. Kerala FM: Businesses will continue to file summary sales return GSTR-3B till June as the GST Council extended the present system of return filing by three months.
8. E-way Bill will be implemented from April 1 for inter-state movement of goods: FM
9. Under the GST regime, an e-way bill needs to be generated and carried for movement of all goods valued at over Rs 50,000. Jaitley also said the Council has discussed two alternate ways of return filing processes.
10. Arun Jaitley said the Group of Ministers and the IT experts would explore the models discussed today and decided on the implementation.
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