26th Meeting of GST Council

The 26th meeting of GST council took place on 10th March, 2018. All of the meetings held by GST council has resulted into many amendments in the operating mechanism of GST framework in the country, this meeting also came up with many reliefs and exemptions regarding the provisions of GST law, we will elaborate some key highlights of the 26th meeting held by GST Council. All professional firms in India especially best CA firms in India keep a close eye on every meeting of GST Council because the decision taken in these meetings would impact the due diligence of best CA firms in India towards their client in terms of their consultancy services.

 

As such there were not any major decision that impacts the GST mechanism; somehow some procedural issues were discussed in the meeting which are described below:

 

  • Return Filing System: No concrete decision has been taken regarding the GST return filing system. Existing system of filing GST return (GSTR1, GSTR3B) will be continued for the next 3 months.

  • E-way bill: E-way bill was prescribed from the beginning of the GST implementation, but E-way bill was being deferred till date, now the council has decided to implement the E-way bill from 1st April, 2018 in case of inter-state supplies. E-way bill in case of intra-state movement of goods shall be implemented in phased manner by the end of the month of April, 2018.

  • Reverse Charge Mechanism: As per GST Act, a registered dealer who purchased goods from an unregistered dealer was liable to pay GST under reverse charge mechanism but these provisions were kept on hold because this provision was hurdling the unregistered person to make sale of his goods. And this provision is deferred till 1st July, 2018.

  • TDS & TCS applicability: TDS requirement under GST is also deferred till 30th June, 2018.

  • Export Benefits: The exporters were availing many benefits under various export promotional schemes; such schemes shall be eligible to be availed till 1st October, 2018.

  • Formation of committee: A committee has been formed to review the user’s grievance redressal mechanism.

  • E-Wallet: Implementation of E-Wallet is deferred till 1st October, 2018.

 

Further, no change has been made in the rate of GST on any goods or services. The Expectation was very high that the meeting will result in many major decisions and will also have a good impact on current GST mechanism.

 

 

CA firms in Delhi NCR and in all other regions in India were preparing for the impact of the expected decisions from the meeting of GST Council but the result was not that as expected, the deferment of some provisions has surely given relief to exporters and the other dealers who are required to follow E-way bill provisions.

 

Shekhar Gupta

Shekhar Gupta has been actively blogging for over six years on a myriad number of topics including accounts, finance, financial technology, insurance, taxation, corporate taxations, and business & economy among others. A fastidious researcher and an avid reader, Shekhar makes it a point to keep pace with the current affairs in new age practices in this age of social media. He presently writes for Ashok Maheshwary & Associates and has a proven expertise in Finance & Accounting.

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