26th GST Council Meeting – Latest GST Updates

GST Council had its 26th GST Council (Goods & Services Tax) meeting held today under the chairmanship of the Union Minister of Finance and Corporate Affairs, Mr. Arun Jaitley on 10th March 2018 held in New Delhi.

In today’s meeting, the GST Council has decided to extend the existing system of GST return filing with 3 more months, precisely till June 2018. Earlier in 23rd GST Council Meeting, it was decided that the filing of GSTR-2 & GSTR-3 would stop and filing of GSTR-1 & GSTR-3B will continue until March 2018.

E-Way bill or electronic waybill which was launched on 1st Feb 2018 and got deferred the same day due to technical glitches will now be re-implemented from April 1 for movement of goods between states. However, for intra-state movement of goods, the e-way bill system would be rolled out in a phased manner starting 15th April and will cover all the states of India by June 1.

Besides this, the group of ministers (GOM) will look into the tax filing process, consult tax experts and then take a call for other pending decisions.

GST Council also agreed to:

a. Deferring the implementation of the e-Wallet scheme by 6 months i.e., up to 01.10.2018; and

b. Extending the present dispensation in terms of exemptions etc. which is available up to 31.03.2018, for a further 6 months i.e., up to 01.10.2018.

c. Indian Railways has been exempted from generation and carrying of e-way bill. However, without the production of e-way bill, railways will not deliver the goods to the recipient. But railways are required to carry invoice or delivery challan etc.

d. Consignor can authorize the transporter, a courier agency or an e-commerce operator to fill PART-A of the e-way bill on his behalf. Further, there is no requirement of filling PART-B of the e-way bill if the movement of goods from the place of the consignor to the place of the transporter is within 50 km, earlier the limit was 10km.

The official release of 26th GST Council Meeting is still awaited. Stay tuned for more updates.

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