Published: Wed, March 14, 2018
Global | By Shelia Dennis

GST: Existing return filing system extended

GST: Existing return filing system extended

The GST Council, a constitutional body of the Centre and state governments, on Saturday chose to roll out the e-way bill for inter-state movement of goods across the country from April 1, but it failed to arrive at a consensus on simplification of tax-returning filing procedure for businesses.

According to Pratik Jain, partner and national leader, Indirect Tax at PricewaterhouseCoopers (PwC), data analytics and tightening the administration will help resolve GST collections issues. There was no definitive view so they had left the final call with GST Council. The idea is GST return form should be simplified, it should ideally be one return every month, Modi had said. The decision was taken at the council's meeting which is underway in the national capital.

Deloitte India's senior advisor Y.G. Parande said the current dispensation for returns for further three months was inevitable and expected.

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"Intra-state e-way Bill will be rolled out in a phased manner with four groups of states".

The inter-state e-way bill last December was approved for an early mandatory roll-out from 1 February but due to technical glitches, it was deferred. "The existing system has been extended by three months", Jaitley told reporters after the Council's meeting.

Besides, the GST Council also made a decision to implement e-wallet scheme for giving refunds to exporters under GST by October 1, 2018 - the date till which exporters can continue to claim tax exemptions given by the Council in its October 6 meeting.

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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.

"The council had in mind that the system, in which the returns would be processed once a month, would be easy and there will not be any chances of evasion", the Finance Minister said and added that the Council would form a Group of Ministers (GoM) to deliberate the matter and meet with information technology experts to come up with a solution. "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".

"It is clear that a consensus has not yet been arrived at on the changes in return filing process".

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