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Tuesday, 13 March 2018

Key Highlights of 26th GST Council Meet

26th Meeting held on 10 March 2018. Some of the key recommendations of the GST Council are highlighted below:
E-way Rules:
E-way rules will apply from 1st April 2018 for all inter-state movement of goods.
For Intra-State movement of goods, e-way Bill System will be introduced w.e.f. a date to be announced in a phased manner but not later than 01st June, 2018
Reverse charge mechanism and TDS and TCS postponed:
The Council has further pushed out applicability of reverse charge mechanism on purchases made from unregistered dealers. With this postponement, it is recommended you exercise reasonable caution while preparing/renewing contracts for the next financial year with unregistered suppliers and provide for a clause to cover for RCM, when it comes into play.
Export promotion schemes further extended for 6 months:
This is likely to ease up working capital pressures on exporters in the coming months. The benefits will continue while e-wallet is being readied for launch. It is also hoped returns are further simplified so procedure of refund claims eases up.
For GST related queries and compliance contact us at 9900397777


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