GST Council meet: Relief for exporters, tax exemption extended by 6 months

Arun Jaitley
Finance Minister Arun Jaitley on Saturday announced that the e-way bill will be implemented from April 1 for inter-state movement of goods. While speaking to media after the crucial GST Council meet, Jaitley also said that the tax exemption for exporters has been extended by six months. Among other key decisions, intra-state e-way bill will be rolled out from April 15 in a staggered manner and the entire country will be covered by June 1. The present system of GST return-filing has also been extended by three months.

"Intra-state e-Way Bill will be rolled out in phased manner with four groups of states. Each group will come under it every week after April 1 and efforts will be made to implement it across the country by April end," Jaitley said after the 26th GST Council meet. In its February 24 meeting, a group of ministers headed by Bihar Deputy Chief Minister Sushil Modi recommended April 1 as the date for compulsory implementation of the system for inter-state goods movement.

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. Jaitley also said the Council has discussed two alternate ways of return filing processes. But no concrete decision has been taken on it yet. "The current process of return filing has been extended for another 3 months," Jaitley said.

He said the Group of Ministers and the IT experts would explore the models discussed today and decided on the implementation. Implementation of reverse charge mechanism has also been extended by three months.

2:23 PM IST Tax exemption for exporters extended by six months: FM

2:23 PM IST Present system of GST return-filing extended by three months, says Finance Minister Arun Jaitley

2:22 PM IST E-way Bill will be implemented from April 1 for inter-state movement of goods: FM

2:21 PM IST Tax exemption for exporters extended by six months: FM

2:21 PM IST Present system of GST return-filing extended by three months: Arun Jaitley

2:20 PM IST Kerala FM: Form 3B will continue for the next three months

2:19 PM IST Kerala Finance Minister Thomas Isaac: Would not want to bring new items under GST

2:18 PM IST Existing system of filing returns has been extended for another 3 months and meanwhile Group of Ministers on the Income Tax will look into it & consult tax experts among others: Union Finance Minister Arun Jaitley

2:16 PM IST Crucial GST meet ends, staggered rollout of e-way bill from April 15

2:15 PM IST States to be divided into 4 lots to execute the staggered rollout

2:15 PM IST LIVE GST Council plans 2 alternate models for returns simplification: FM

2:13 PM IST Finance Minister Arun Jaitley briefs media after crucial GST Council meet

LIVE UPDATES

Tax exemption for exporters extended by six months: FM
Present system of GST return-filing extended by three months, says Finance Minister Arun Jaitley
E-way Bill will be implemented from April 1 for inter-state movement of goods: FM
Tax exemption for exporters extended by six months: FM
Present system of GST return-filing extended by three months: Arun Jaitley
Kerala FM: Form 3B will continue for the next three months
Kerala Finance Minister Thomas Isaac: Would not want to bring new items under GST
Existing system of filing returns has been extended for another 3 months and meanwhile Group of Ministers on the Income Tax will look into it & consult tax experts among others: Union Finance Minister Arun Jaitley
Crucial GST meet ends, staggered rollout of e-way bill from April 15
States to be divided into 4 lots to execute the staggered rollout
LIVE GST Council plans 2 alternate models for returns simplification: FM
Finance Minister Arun Jaitley briefs media after crucial GST Council meet
PMO steps in to speed up GST refunds for exporters

Taking note of slowing exports growth, the Prime Minister’s Office (PMO) has called a meeting of key officials from the ministries of finance and commerce to expedite clearance of exporters’ refunds for the goods and services tax (GST). The Department of Commerce has strongly demanded clearance of exporters’ refunds to address their working capital issue impacting India’s outbound shipments.
 
“The PMO has finally stepped in to resolve exporters’ concerns under the GST, with the commerce ministry and the finance ministry on different pages on the matter. The exports should not suffer because of administrative loopholes,” said a senior government official.
With no fixed targets, GST collection not-so-encouraging: Par panel
 
With no targets fixed, the monthly revenue collections from GST are not encouraging, the frequent revisions in rates has impacted the stability of the new tax system and has adversely impacted the trade and businesses, a Parliamentary panel has observed in its report.
 
"The Committee are constrained to observe the not-so-encouraging monthly revenue collections from GST, which still have not stabilised with frequent changes in rates and issue of notifications every now and then. Further, the Committee are surprised to learn that no GST revenue targets have been fixed by the government," the Standing Committee on Finance headed by Congress leader M Veerappa Moily said in its report tabled in Parliament on Friday.
Finance Minister Arun Jaitley, after the 25th GST Council meeting in January, had said that the implementation of the e-way bill for intra and inter-state movement of goods would start from February 1, with 15 states agreeing to implement it on a trial basis.
However, the trial phase was deferred on account of technical glitches on the official website
Changes in the Anti-Profiteering Rules, which will give more flexibility and power to the apex body National Profiteering Authority (NAA) are expected.
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 on Friday
GST Council likely to simplify tax returns
 
The council, chaired by Finance Minister Arun Jaitley is expected to discuss the extension of 3B returns, and the current position of revenue generated from GST.
GST Council meeting: The agenda for discussion, ministry sources said, would also include the extension of 3B returns, the current position of revenue generated from the GST, and changes in the Anti-Profiteering Rules.
Govt eases norms for e-way bill generation
 
The government has changed e-way bill rules, which are expected to help e-commerce companies in smooth transportation of goods and ease the method of calculating the value of goods.
 
The government has notified changes in rules of e-way bill which includes permitting even job workers to generate the electronic receipt for movement of goods.
 
Electronic way or e-way bill will be required from April 1 for transporting goods valued over Rs 50,000 between states.
 

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