Economy

GSTR-3B extended till June; e-way bill from Apr: Jaitley

GSTR-3B extended till June; e-way bill from Apr: Jaitley

The Council also extended the existing system of filing returns for another three months. Briefing reporters after the GST Council meeting here, Finance Minister Arun Jaitley said electronic way or e-way bill for movement of goods between states will be implemented from April 1.

"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".

Federal indirect tax body the goods and services tax council on Saturday chose to extend the interim procedural relaxations available to exporters, small businesses and e-commerce firms by three to six months and made e-way bills compulsory for inter-state shipment of goods from 1 April.

The GST Council meeting failed to come up with any conclusive simplification process after deliberating on two models and has now postponed the decision for next Council meeting.

Apart from the Union finance minister and the revenue minister, the GST Council has a minister nominated by each state. But no concrete decision has been taken on it yet. Furthermore, the value of exempted goods has been excluded from the value of the consignment for the objective of e-way bill generation, the council said.

More news: GOP Lawmakers Voice Little Support For Trump's Tariffs

"From April 1, when the new financial year of 2018 - 2019 starts, (GoM) made a decision to start the inter-state movement of e-way bill system".

The council also announced dates of e-way bill rollout, the other major topic on the meeting's agenda. In October, the council had decided that exporters will pay a nominal Integrated GST (IGST) rate of 0.1 per cent on merchant exports till March 31.

Also, domestic procurement made under Advance Authorisation, Export Promotion (Capital Goods) Scheme and Export Orient Unit Scheme 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.

Besides, the GST implementation committee has been tasked with the work of redressing grievances caused to taxpayers arising out of IT glitches. The announcement for stage wise implementation for Intra-state E-way bill, to be rolled out from April 15th, is very pragmatic and should be thoroughly tested before implementation. "This will enable them to plan their imports and subsequent activities without any fear on losing export incentives", MS Mani, Senior Director at Deloitte India said.