The 26th GST Council meeting on Saturday failed to come up with any conclusive simplification process after deliberating on two models and has now postponed the decision for next Council meeting, but E-way bill will be implemented from April 1 .
According to Finance Minister Arun Jaitley, there is a need to ensure there is no evasion of tax taking place under the new system and hence there is a need for further discussion. “We have decided to form a GoM that will look into the matter and deliberate with IT experts to come up with a possible solution,” said Jaitley.
The current system of filing GSTR 3B will stay in place and will stay in place for the next 3 months.
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. However, it seems a consensus has not been raised and Jaitley today expressed concern that revenue was not growing as expected post GST.
For exporters reeling post GST rollout, the FM provided some succor and said tax exemptions for exporters has been extended for six months. However, not much detail is known about it.
With total revenue collection under GST for the month of January, till February 25 coming in at Rs 86,318 crore compared to Rs 86,703 crore in December 2017, the E-way bill is considered as an essential piece of the anti-evasion measure. Crucially, it has now been announced that E-way bill would be rolled out from April 1 for inter-state movement of goods and for intra-state movement of goods the specific date has not been announced but will be in a staggered manner and not later than June 1.