GSTR-3B extended till Jun, Eway bill from Apr: Jaitley

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In the 26th GST council meet, which was headed by Finance Minister Arun Jaitley, the council members made a decision to extend the existing system of filing returns by another three months.

"As GST return filing is taking time to stabilise, eway bill can help detect and reduce tax evasion. The existing system has been extended by three months", Jaitley told reporters after the council's meeting.

The council also chose to retain the current tax return filing system for another three months before it could be replaced with a simpler version with safeguards against tax evasion.

The Minister also said that a decision on a simplified tax form is yet to be taken as apart from the option already under discussion, an officers committee also presented an alternate model for GST returns to the Council. The E-way bill was originally rolled out for inter-state supplies from February 1,2018 but was deferred again following system (IT) issues. The e-way bill, which would be required to be presented to a GST inspector if asked for, is being touted as an anti-evasion measure and would help boost tax collections by clamping down on trade that now happens on cash basis.

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He added that the e-way bill for movement of goods between states will be implemented from April 1. Besides, tax exemptions to exporters have also been extended by six months to September.

E-Way or electronic-Way Bill for intra-state movement of goods will be introduced in a phased manner.

Notably, yesterday, over 1.03 crore businesses have registered under the Goods and Services Tax (GST) regime and the implementation of the biggest indirect tax reform has been smooth so far, Parliament was informed today.

"As expected, there was no further discusssion on reduction of rates as the Government may wait for some buyoncy in revenue collections before moving in that direction", said Jain.

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With E-way bill roll out, from April 1, transporters of goods worth over Rs 50,000 will have to generate an e-way bill.

Also, domestic procurement made under Advance Authorisation, EPCG and EOU schemes are being recognised as "deemed exports" with flexibility for either the suppliers or the exporters being able to claim a refund of GST/IGST paid thereon.

The Council also suspended the provisions for deduction of tax at source (TDS) and collection of tax at source (TCS) till June 30.

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