New Delhi:- The 25th GST council meeting held at VIGYAN BHAWAN, New Delhi on today 18th January majorly focused on the e-way bill introduction and has finally decided to roll out the bill from 1st February 2018 along with a reduction in the number of return filings.
Finance Minister India Arun Jaitley says “necessary to build some anti-evasion measures” He considered GST e-way bill one of them
There are some key points mention below which also discussed in the meeting:-
- GSTR 3B return filing to be continued until further announcement.
- Petrol under GST will be decided at the next GST Council meeting.
- 40 handicrafts tax slab will be decided in the coming few days by the council.
- The tax rate reduction on all the items and services will be applicable from 25th January 2018.
- Composition dealers deposited lesser tax than expected as stated by Finance minister.
- Arun Jaitley mentioned that 15 states to apply intrastate GST e-way bill on the same date i.e. on 1st February 2018.
- The states can opt to follow the e-way bill system for intra-state (Within the state) transport anytime between 1st Feb to 1st June 2018.
- From 1st June 2018 e-way bill rules for intra-state transport will mandatory apply to all states.
- Items re-considered under 18% slab rate from 28% tax rate.
- Next meeting through video conferencing in 10 days.
- The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices. But no decisions on return filing simplifications today.
- Uttarakhand FM cleared that 29 handicrafts items reduced to 0% GST.
- Nandan Nilekani presents suggestions on GST return filings.
- In 25th GST Council Meeting holds 35,000 crores for distribution among centre and states as an IGST collection dividend (Source: CNBC).
- All businesses to file GSTR-1 and GSTR-3B until March 2018.
- GSTR-2 and GSTR-3 filing dates for July 2017 to March 2018 will be worked out later by a Committee of Officers
- Turnover under Rs 1.5 Cr to file quarterly GSTR-1.
- Turnover above Rs 1.5 Cr to file monthly GSTR-1.