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

E-way Bill will be implemented from April 1 for inter-state movement of goods: Finance Minister 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

Tax exemption for exporters extended by six months: FM

2:23 PM

Present system of GST return-filing extended by three months, says Finance Minister Arun Jaitley

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

2:21 PM

Tax exemption for exporters extended by six months: FM

2:21 PM

Present system of GST return-filing extended by three months: Arun Jaitley

2:20 PM

Kerala FM: Form 3B will continue for the next three months

2:19 PM

Kerala Finance Minister Thomas Isaac: Would not want to bring new items under GST

2:18 PM

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

Crucial GST meet ends, staggered rollout of e-way bill from April 15

2:15 PM

States to be divided into 4 lots to execute the staggered rollout

2:15 PM

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

2:13 PM

Finance Minister Arun Jaitley briefs media after crucial GST Council meet

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2:08 PM

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.

2:06 PM

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.