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The 26th GST Council meeting held under the chairmanship of Union FM. Shri Arun Jaitley at New Delhi on 10.03.2018. There are some important decision has been taken to expedite GST reforms since it comes into force. These decisions are taken to make sure that GST registration and further compliance can be made user-friendly for taxpayers.
The Council has appraised the facts that CBEC and GSTN have started extensive data analysis across the number of data available to them. Through this analysis, the outcomes were very surprising that:-
The FM ensures that this data shall be further analyzed and accordingly action shall be taken for evasion and non –compliances.
In the GST council meeting held on 10th March 2018. The Govt has introduced the E-way bill of intrastate movement of goods and inter-state movement of goods.
The E-Way Bill for interstate movement of goods shall start from 01.04.2018 and for intra-state movement of Goods shall be announced in a phased manner but not later than 01.06.2018
There are following major improvement has been approved by the council now, are as follows:-
Under GST Return filing requirements, a normal taxpayer is required to file 3 monthly returns. But, in this initial implementation phase, the current system of returns only GSTR 1 and GSTR 3B are required to be filed.
This system has been extended for three months (From April 2018 to June 2018).
The Liability to pay tax under the reverse charge mechanism has been extended up to 30.06.2018.
Section 51 & section 52 of the CGST Act has been remaining suspended till 30.06.2018.
(All these avenues were made available up to 31.03.2018)
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