Published: Sat, March 10, 2018
Money | By Armando Alvarado

GST Council likely to simplify tax returns in today's meeting

GST Council likely to simplify tax returns in today's meeting

"The Council felt that there should be a single return every month, it should be simple, not prone to evasion and (there was a need to discuss) how to simplify it further". However, for intra-state movement of goods, the E-way bill will be rolled out in phased manner starting from April 15, 2018 and cover all the states by June 15, 2018. Final decision on new and simple return process has not been taken yet, which has prompted the council to continue with summary return in Form 3B to continue for next three months.

With businesses complaining of difficulty in invoice matching while filing final returns as well as complications in GSTN systems, the GST Council in November past year extended GSTR-3B filing requirement till the end of March 2018 and did away with the filing of purchase return GSTR-2 and final return 3.

Briefing reporters after the council meeting, Union Finance Minister Arun Jaitley said electronic way or e-way bill for movement of goods between States would be implemented from April 1. Furthermore, the value of exempted goods has been excluded from the value of the consignment for the goal of e-way bill generation, the council said.

The Council also suspended the provisions for deduction of tax at source (TDS) and collection of tax at source (TCS) till June 30. But no concrete decision has been taken on it yet. "Will try to implement it in all the states by end of April", Jaitley said.

Notably, yesterday, over 1.03 crore businesses have registered under the Goods and Services Tax (GST) regime and the implementation of the biggest indirect tax reform has been smooth so far, Parliament was informed today.

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It also extended the benefit of tax exemptions on imported goods for exporters by another six months and deferred the implementation of reverse charge mechanism by three months. The extension of exemption for exporters will be a relief to them.

Accordingly, merchant exporters can pay a tax at the rate of 0.1 per cent on goods procured for export purposes and obtain a refund for the same.

Saloni Roy, a senior director of Deloitte India, said, "The proposal of introducing intra-state e-way bills in a staggered manner is a more pragmatic approach".

The government would also take action against businesses as it has emerged that there is a variance between the amount of IGST paid and compensation cess paid by importers at customs ports and tax credit claimed in the GSTR3B form.

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