World

GST Council extends tax exemptions for exporters for six months

GST Council extends tax exemptions for exporters for six months

The council also made a decision to implement e-way bill for inter-state movement of goods from April 1, the intra-state e-way bill will be rolled out in a staggered manner.

Anxious about tax evasion under the Goods and Services Tax (GST), officials are keen that the new returns filing system should ensure that the tax is first paid before the credit is given.

A new model was discussed extensively and a group of ministers on IT has been tasked to finalise it.

The GoM of state finance ministers headed by Bihar Deputy CM Sushil Modi had held a discussion on the simplification process at its meeting here on February 24 when Nandan Nilekani gave a detailed presentation on what the future tax filing system could be.

"The system is a single monthly return, which is simple but not evasion prone".

While a system was proposed and discussed at length during the meeting but no concrete decision could be taken on it yet.

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Sending positive signals to the exporting community, the council chose to extend the available tax exemptions on imported goods for six months beyond March 31. "Karnataka, Andhra Pradesh and Kerala are expected to be among the first states which will roll out the e-way bill system for intra-state movement of goods", a senior government official said.

The pending items outside the ambit of GST such as alcohol and real estate are likely to be taken up only after state elections, one of the officials said. However, there would be phased rollout of e-way bill for intra-state movement of goods beginning April 15 and all the states have been divided into four groups.

"Each group will come under it every week after 1st April and efforts will be made to implement it across the country by April end".

While the e-way bill was approved, the other measure for checking tax evasion - reverse charge mechanism - has been deferred till June 30.

For transporting goods worth more than Rs 50,000, an e-way bill has to be generated from April 1.

The council also reviewed the progress of refunds to exporters of both IGST and Input Tax Credit and directed the GST network (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. "Taxpayers will need to monitor developments in e-way bills and implement systems that that will consider the staggered manner of e-way bill implementation for intra-state transactions".


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