Way Bill from April 1, GSTR-3B extended for 3 more months

Way Bill from April 1, GSTR-3B extended for 3 more months

Businesses will continue to file summary sales return GSTR-3B till June as the GST (Goods and Services Tax) Council on Saturday extended the present system of return-filing by three months.

The all-powerful GST Council on Saturday chose to rollout the requirement of carrying an electronically generated bill for transporting goods between states from April 1 but failed to arrive at a consensus on simplification of tax returning filing procedure for businesses. A staggered roll out of intra state e way bill is a good idea and it will hopefully give adequate time to industry as well as Government to transition into the new system, he said.

Exporters' refunds: The Council has also extended tax exemptions to exporters for six months.

He added that the e-way bill for movement of goods between states will be implemented from April 1.

The GST Council meeting failed to come up with any conclusive simplification process after deliberating on two models and has now postponed the decision for next Council meeting.

"The decision to implement EWB from April 1 for inter-state and to stagger intra-state is a welcome step".

"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. So, no decision was taken today. The requirement of e-commerce platforms to collect 1% tax at source from the final consumer and pass on the tax credit to the vendor using the e-commerce platform has been deferred till 30 June.

The Group of state finance ministers under Bihar Deputy Chief Minister Sushil Modi met on February 24 to discuss the simplification process with Nandan Nilekani making a detailed presentation of what the future tax filing system could be. As on March 2, a total of 1,03,99,305 taxpayers are registered under GST, which include 64.42 lakh taxpayers who have migrated from the erstwhile tax regimes and 39.56 lakh who have taken new registration under GST, Minister of State for Finance Shiv Pratap Shukla said.

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.

Deloitte India Senior Director Saloni Roy said, "The proposal of introducing intra-state e-way bills in a staggered manner is a more pragmatic approach".