GST Council Okays Quarterly Filing of Return

GST Council Okays Quarterly Filing of Return

GST Council Okays Quarterly Filing of Return

Experts believe, the council might enable exporters to utilise benefits and incentives derived from foreign trade policy to pay Integrated GST (IGST), push-back of reverse charge mechanism (RCM) among relaxation to ward off growing resentment among indirect taxpayers. Besides, units up to Rs 1.5 crore turnover have also been allowed to file quarterly - instead of monthly - returns, a move that would allow 90% of the non-composition GST registrants to shift to the easier system of filing returns every quarter. Jaitley said reverse charge mechanism for transactions between registered and unregistered businesses has been deferred till March 31, 2018.

He also highlighted that GST Council has been quite sensitive to the demands of stakeholders and had in recent months reduced GST rates on over 100 items.

The council also agreed to bring e-Way bill by April 1 to facilitate movement of goods from one check post to another. A group of state ministers, which will submit its report in two weeks, will revisit the taxation structure for them and examine if the liability can be reduced an alternate structure should be put in place. "Overall, a vision-less government drunk with arrogance is wasting a golden opportunity of putting India on a growth trajectory", Congress communication department head Randeep Surjewala said.

Apart from significant cuts in taxes of various commodities, Finance Minister Arun Jaitley announced a slew of measures to reduce the burden and stress the GST implementation has brought to exporters and small businesses.

Small businesses would be allowed to file tax returns once a quarter instead of monthly returns, Mr Jaitley said following the 22nd meeting of the GST Council. The eligibility of composition scheme was increased to Rs 1 crore from the current Rs 75 lakh.

GST rate on unbranded medicines have also been reduced to 12 percent to 5 percent.

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"The people of India and Indian industry in particular should not measure the execution of GST in its first phase of three months since it is such a vast tax reform after independence and the government should be given a minimum of year time for its ideal implementation which would lead to win-win situation for all stakeholders", said the minister.

To address the liquidity problem faced by the exporters, FM Arun Jaitely announced refund process to begin shortly. In the e-wallet, there would be a notional amount for credit. Service providers can not, however, opt for the composition scheme.

Tax experts, however, say that uncertainty over GST rules and rates is such that companies are using all the available time to make sure there are no errors in their returns.

Turnover threshold for SMEs raised to Rs 1 crore to avail of composition scheme.

To prevent cash blockage of exporters due to upfront payment of GST on inputs, etc, the Council approved two proposals -one for immediate relief and the other for providing long term support to exporters.

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