GST Council Extends Tax Exemptions For Exporters By Six Months
GST Council Extends Tax Exemptions For Exporters By Six Months
26th GST Council meet in progress on Saturday
11 March, 2018, 09:28
The GST Council, the body that takes all the GST related decisions, has chose to dump the earlier system of three monthly GST returns and instead chose to overhaul the whole system.
Furthermore, Finance MinisterArun Jaitley said the e-way bill system for interstate transportation of goods would be implemented from April 1, following which the states will be categorised into four lots for the implementation of the provision.
The council could not decide on a simplified GST return form and entrusted the ministerial panel under Sushil Modi to chalk out a single-page form, which is simpler and evasion-proof.
The GST Council also made a decision to extend the tax exemptions to exporters by six months.
Months after the biggest reform in the Indian tax system, the Goods and Services Tax (GST) was implemented in the country, ever since then, council meeting has been taking place periodically in order to take measures and work on problems being faced by the citizens of the country.
However, every state has to come on board for the intra-state implementation latest by June 1.
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.
Officials said the council discussed two models for the proposal to simplify the process, aimed to mainly help exporters.
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"Tax bureaucracy felt that simplification should not provide room for evasion.No conclusive decision on return filing was taken".
"The indication that the decision on returns would be taken after consultation with tax experts and others (presumably industry bodies) is a welcome indication". "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 30 June", Jaitley said.
The Council also reviewed the progress in the grant of IGST and input tax credit refunds to exporters and has directed the technology backbone Goods and Services Tax Network (GSTN) to expeditiously forwards the balance refund claims to Centre and the states for immediate sanction of payments.
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, reports PTI.
Also, domestic procurement made under Advance Authorisation, EPCG and EOU schemes are being recognised as "deemed exports" with flexibility for either the suppliers or the exporters being able to claim a refund of GST/IGST paid thereon.
Experts welcomed the move and said a staggered E-Way Bill will be helpful.
"It is clear that a consensus has not yet been arrived at on the changes in return filing process".
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