Business

GST Pannel Meet Ends

GST Pannel Meet Ends

No Decision on return simplification.

No conclusion decision taken.

No decision on GST return simplification, eWayBill to be implemented from April 1.

GST Council failed to come up with conclusive simplification process.

The 26th GST Council meeting on Saturday failed to come up with any conclusive simplification process after deliberating on two models and has now postponed the decision for next Council meeting, but E-way bill will be implemented from April 1.

According to Finance Minister Arun Jaitley, there is a need to ensure there is no evasion of tax taking place under the new system and hence there is a need for further discussion. “We have decided to form a GoM that will look into the matter and deliberate with IT experts to come up with a possible solution,” said Jaitley.

The current system of filing GSTR 3B will be applicable for the next 3 months.

The Group of state finance ministers under Bihar Deputy Chief Minister Sushil Modi met on February 24 to discuss the simplification process with Nandan Nilekani making a detailed presentation of what the future tax filing system could be. However, it seems a consensus has not been raised and Jaitley today expressed concern that revenue was not growing as expected post GST.

According to Deloitte India, Partner, MS Mani the government has clearly realized it needs more time to work on return simplification and therefore the existing structure will continue till June. “In addition they have said reverse charge mechanism has been suspended till June 30, the TDS/TCS mechanism has also been postponed till June 30,, which to me indicates that the Council is clear that the simplification has to be done but, they need time to figure out the mechanics. It is a good sign that such extensions have been provided and possibly before June they will come up with something that is tried, tested and workable,” says MS Mani.

For exporters reeling post GST rollout, the FM provided some succor and said tax exemptions for exporters has been extended for six months while e-Wallet scheme has been deferred till October.

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