The 26th GST Council Meeting is being held at Vigyan Bhawan, New Delhi. The Council is attended by all the leading members, GST representatives, the Finance Minister (Mr Arun Jaitley) and some other dignitaries. The major agendas to be discussed during the 26th GST meeting include e-way bill, GSTR 3B filing date revision, composition, etc.
Here, Get all the Latest Updates on 26th GST Council Meeting:
- 14:29 PM – Reverse charge mechanism gets extended by three months as told by Jaitley.
- 14:26 PM – 6 months extended for exporters in tax exemption. Exporters who are enjoying the benefits from export promotion scheme will continue to get exemptions on imports by October 1. By then an e-wallet scheme is expected to be launched to make the process easier
- 14:22 PM – Interstate movement of goods eway bill generation from April 1
- 14:21 PM – And the implementation of eway bill in the Intrastate is scheduled to be from April 15 and to be divided into 4 states per rollout
- 14:04 PM – Filing returns date extended for 3 months and GoM to look for IT issues
- GST Council meeting is set to be commenced at Vigyan Bhawan, New Delhi on March 10, 2018
- The main agenda of discussion: E Way Bill, Simple Return Filing, GSTR 3B Deadline Extension, Composition Scheme
GST Council 26th Meeting Requires Major Discussion
The GST council meeting scheduled for 10th of march will have the two main agenda in the discussion. The first issue will be the successful and timely implementation of the e-way bill and the second one will be the lower collection of goods and service tax (GST) under the composite scheme. The government has decided to start e-way bill mechanism on trial bases after the implementation of GST for the inter-state movement of goods worth more than 50,000 Rs till 1st April. The official said, “Now that there is less than a month for implementation, the GST Council wants to ensure that this time there is no technical glitch. The report prepared by finance secretary to understand the reason for technical failure will also the part of the discussion.”
The second issue to discuss in the meeting is the failing of goods and service tax collection under the composite scheme. The collection of tax in January is very less as compared to the collection from December. Whereas, according to GSTN data, 7.28 crore return was filled on the GSTN portal since the implementation of GST. And for the month of January, 56.72 lakh returns were filed. The official also said that this response has not been as expected. The government expected better revenue collection. He also included that, there will be no major changes to be done in tax slabs.
