24th GST Council Meeting – An Overview

24th GST Council Meeting

What are the Key Decisions taken in 24th GST Council Meeting?

The 24th GST Council meeting which took place on 16th December 2017 through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs Mr Arun Jaitley. It discussed the implementation of the E-way Bill system in the country. However, up until the time, the states were authorized to continue with their own separate E-way Bill systems.

Under Goods and Services Tax (GST) Rules, ferrying goods worth more than Rs 50, 000 within or outside the state will require an Electronic –way or E-way bill by prior online registration of the consignment.

To generate the E-way bill the supplier and the transporter will have to upload details on the GST portal after which the E-way bill will be generated having a unique code as E-way Bill Number (EBN) which will be made available to the supplier, the transporter and the recipient at the common portal.

Finance Minister said that the Council has prepared a schedule with regard to the E-way bill to check the evasion. This will enable to enhance the collection. The GST Council has however stated earlier in October 2017 that E-way bill would be introduced in a staggered manner from January 1 and subsequently from April 1 nationwide. It will be beneficial for the taxpayers registered under GST to be prepared for the same. This is to make sure that their business doesn’t suffer after full implementation of E-way bill provisions.

Main Discussion Point in the GST Council Meeting Held

  • Until the time when the national E-way bill will be ready to start all the states are now authorized to continue their own E-way Bill systems.
  • As the transporters and traders have filed the request that they are facing problems in the interstate movement of goods. Hence they requested to bring E-way bill on all India basis as soon as possible. The government has taken the decision to implement the E-way Bill system for interstate and intrastate movement of goods for traders and transporters latest up to 16th January 2018. However, it will be compulsory to be followed by 1st February.
  • However, the uniformity in the E-way Billing system nationwide will be implemented from 1st June 2018.
  • GST Council[1] has reviewed the progress status of Hardware and software which is required to introduce the E-Way Bill system. As such following decisions are taken by the GST Council regarding the applicability and implementation of the E-way Billing system:
    • E-way Bill will be initiated and implemented nationally by 16 January 2018 on a trial basis. Trade and transporters can use this system voluntary basis from 16 January.
    • E-way Bill Rules for Implementation on National Level for Interstate movement of goods will be started by -1 February.
  • Lastly, the Council that met in Guwahati in November 2017 had decided to reduce the GST rates on over 200 items including a reduction in GST rate from 28% to 18% for around 178 This will reduce the revenue in November as compared to October.
  • The Invoice matching has however deferred to few months to reduce the compliance burden on taxpayers and encourage more return filing.
READ  GSTR-5 Return Filing on GST Portal

For GST Registration or GST Advisory, visit our official website Enterslice.

Also, Read

Trending Posted

Get Started Live Chat