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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.
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