Kye Highlights

GST Council also agreed today to: (a) Defer the implementation of the e-Wallet scheme by 6 months i.e., upto 01.10.2018; and (b)Extend the present dispensation in terms of exemptions etc. which is available up to 31.03.2018, for a further 6 months i.e., upto 01.10.2018.

Domestic procurement made under Advance Authorization, EPCG and EOU Schemes were recognized as ‘deemed exports’ with flexibility for either the suppliers or the exporters being able to claim a refund of GST/IGST paid thereon. All these avenues were made available upto 31.03.2018.

For merchant exporters a Special Scheme of payment of GST @ 0.1% on their procured goods was introduced.

Thereafter, the GST Council directed GSTN to expeditiously forward the balance refund claims to the Customs/Central GST/State GST authorities, as the case may be, for their immediate sanction and disbursal.

In a related development which would benefit the exporters, the GST Council reviewed the progress in grant of refunds to exports of both IGST and Input Tax Credit. The Council appreciated that the pace of grant of IGST refund has picked up.

Thus, exporters presently availing various Export Promotion Schemes can now continue to avail such exemptions on their imports up to 1st October,2018, by which time an e-Wallet Scheme is expected to be in place to continue the benefits in future.

GST Council in its 26th Meeting held under the Chairmanship of the Union FM, Shri @arunjaitley today in New Delhi sent a strong positive signal to exporting community by deciding to extend the available tax exemptions on imported goods for further 6 months beyond 31st March,2018.

Another major recommendation of the GST Council was relating to Grievance Redressal Mechanism. The GST Council in its 26th Meeting today tasked the GST implementation Committee (GIC) with the work of redressing the grievances caused to the taxpayers arising-out of IT glitches.

In the meantime, the modalities of linking State and Central Governments accounting system with GSTN will be worked-out so that seamless credit is available to the registered traders whose tax is deducted or collected at source.

Another major recommendation of the Council include suspension of the provisions for deduction of tax at source (TDS) under Section 51 of the CGST Act and collection of Tax at Source (TCS) under Section 52 of the CGST Act till 30.06.2018.

Another major recommendation of the Council include deferment of the liability to pay tax on reverse charge basis till 30.06.2018. Meantime, a Group of Ministers will look into the modalities of its implementation to ensure that no inconvenience is caused to the trade & industry.

A new model was discussed extensively and Group of Ministers on IT has been tasked to finalize the same.

Outcome of preliminary Data Analysis also revealed interesting insight that there are major data gaps between self-declared liability in FORM GSTR-1 & FORM GSTR-3B. It was deliberated that this information may be further analysed and adequate action may be initiated accordingly.

The outcome of preliminary data analysis revealed interesting insight that it has emerged that there is variance between the amount of IGST & Compensation Cess paid by importers at Customs ports and input tax credit of the same claimed in GSTR-3B.

The GST Council in its 26th Meeting held today under the Chairmanship of the FM, Shri @arunjaitley made recommendations based on Data Analytics. The GST Council was apprised that CBEC and GSTN have started detailed data analytics across a number of data sets available with them.

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Yogesh Parmar have vast knowledge in the field of Goods and Services Tax (GST). He is regularly conducting seminars on GST at various location for business personal to provide the knowledge about impact of GST on their business and how compliance should be made. He is founder of "www.etaxupdates.com" through which he is sharing his knowledge and latest amendments, circulars, notifications etc related to all type of taxes. He is also associated with some software development companies and providing advisory service and help to understand technical aspect of GST. He is also serving as functional manager as well as tester to those company which is developing software for GST.

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