Major change in GST as per 26th GST council Meeting

26th GST Council Meeting Updates.

✓ Reverse Charge Mechanism on supplies from un-registered supplier to a registered person is deferred till June, 2018.

✓ Nationwide E-way Bill on Inter-state supplies to be rolled out from 1st April, 2018.

✓ Also, E-way Bill on Intra- state supplies to be made applicable from 15th April, 2018 in phases but not later than 1st June, 2018.

To facilitate the same states are divided into 4 lots.

Karnataka, Kerala and Tamil Nadu are likely to implement the same in first phase from 15th April.

✓ No decision on simplification of Returns.

GSTR-3B to continue for further 3 months i.e. for Apr- Jun months.

✓ GST Implementation Committee (GIC) being tasked to redress the grievances caused to the taxpayers due to IT glitches.

✓ Deferred the implementation of E-wallet scheme for 6 months i.e. 1st Oct, 2018.

✓ Tax Exemption for exporters extended for further 6 months till 1st Oct, 2018 which was earlier 31st Mar, 2018.

✓ Suspended the provisions of TDS and TCS under section 52 & 53 respectively of CGST Act, 2017 till 30th Jun, 2018.

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