Saturday , July 21 2018

GST council to meet today, exporters might expect some relief

The full-fledged meeting of the GST Council is also probable to assess the enhancements in the GST Network’s functioning.

GST-Council

New Delhi: The Goods and Services Tax (GST) Council will come across on Friday and is probable to decide on providing some aid to exporters in terms of faster refunds as well as compliance.

The full-fledged gathering of the GST Council is also probable to assess the enhancements in the GST Network’s functioning, officials stated.

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This meeting will be the 22nd meeting of the Council.

Administrators in the ministry stated that the Group of Ministers (GoM), under Sushil Modi, set up to see into GSTN hitches will also brief the Council on the portal’s functioning.

With above 33 lakh companies filing the final GSTR-1 return, the GoM has tasked GSTN to send prompt text messages to the leftover 20 lakh businesses which are yet to succumb the tax forms.

The final date for filing of last sales returns for July in GSTR-1 form is October 10th, though the date for uploading of purchase returns in GSTR-2 is October 31st.

The last GSTR-3, matching GSTR-1 and 2, is to be listed by November 10th.

The GoM in its conference has asked GSTN and Infosys to strut up for handling the rush of last-minute filers.

Moreover, the committee set up in Revenue Secretary Hasmukh Adhia on issues tackled by exporters, is probably to submit its initial report to the Council on Friday.

Grounded on that the Council is probable to endorse some relaxation for exporters so that their working capital which is sealed up in refunds is released, officials stated.

Moreover, the apex indirect tax body Central Board of Excise and Customs (CBEC) will notify the Council that it is set to release Integrated GST (IGST) refunds to exporters from October 10th.

In a conference with the Revenue Secretary in September, exporters had stated that an assessed Rs 65,000 crore is sealed up in GST refunds.

Moreover, officials said that simple compliance for exporters, like quarterly filing of returns as an alternative to a monthly filing, is probable to be discussed by the Council administrators.

The government has previously allowed exporters to endow Letter of Undertaking (LUT) instead of oaths at the time of exports, which will simplify the compliance burden and stop barring up of capital.

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