The GST Council on Saturday decided to extend the existing system of filing of GSTR-3B and GSTR-1 for three more months as the members could not come to a final decision on simplification of the process which has been agenda for a couple of months now.
The GST Council on Saturday decided to extend the existing system of filing of GSTR-3B and GSTR-1 for three more months as the members could not reach a final decision on simplification of the process which has been agenda for a couple of months now. At the 26th GST Council meeting, Group of Ministers and IT officials discussed a new model for filings returns and have been tasked to finalise on the same.
“The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized,” the council said in a statement. The GST Council also extended the date for the tax exemption to exporters for six months. CBEC Chairperson Vanaja Sarna said that exporters can expect their refunds to get cleared by March 31.
The Council also assured that a Group of Ministers (GoM) will look into the modalities of the implementation of refunds to ensure that no inconvenience is caused to the trade and the industry. Finance Secretary Hasmukh Adhia said that the decision to bring jet fuel and natural gas under the Goods and Services (GST) has been deferred.
“While deferment of reverse charge mechanism for purchases from unregistered suppliers is a welcome move, the GST council should consider completely scrapping such a draconian provision,” Abhishek A Rastogi, Partner, Khaitan & Co said.
Arun Jaitley after the last GST Council meeting said that the plan for simplification of tax returns was underway and the council was considering multiple options put forth by GSTN officials and Infosys Chairman Nandan Nilekani. Last November, the GST Council gave major relief to traders and businessmen when it scrapped GSTR-2 and GSTR-3B while extending deadlines for filing GSTR-1 and GSTR-3B.
Even as GST Council is deliberating upon making the process simpler and is likely to advise from tax experts, some experts feel that too many changes in processes have been confusing the traders. Abhishek Jain, Partner EY, said that the decisions taken at Saturday’s meeting were welcome moves but too many frequent changes were making it difficult for the industry to keep adapting to changes.