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Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741 Wednesday, September 13, 2017 8 Pages
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Wing 4 Feather 4
GST Council Forms Expert Panel To Oversee Technical Glitches Affecting Filings Hyderabad Port Wings News Network owing to the demands on technical issues raised from several quarters, The GST Council on its meeting on 9 September formed a five-member ministerial panel to oversee the technical glitches that the tax filing portal was increasingly encountering. Speaking to reporters after the Council’s 21st meet, Haseeb Drabu, Finance Minister from Jammu and Kashmir state, said, “We have formed a five-member ministerial group to oversee technical issues. GSTR-1 has been extended till October 10.” According to official sources, the return filing date deadline of GSTR-1 for July, that was to end on 10 September 2017, has also been extended by a month till 10 October. In view of taxpayers increasingly complaining about the GST portal not functioning properly which was posing difficulties for them in return filing, the issue was raised by states at the Goods and Services Tax (GST) Council, state finance ministers said here. Mauvin Godinho, Goa finance minister, said “The complaint came from certain states that GSTN was not working as envisaged. A committee will be formed by Council Chairman Arun Jaitley to oversee the GSTN functioning. Everything is being streamlined. They will make corrections and everything will start moving in two weeks’ time.” TRANSIENT CHALLENGES At a briefing after the meeting, Finance Minister Arun Jaitley said the glitches were “transient challenges”, and a committee had been appointed to resolve GSTN-related issues. The Minister also announced an extension of deadlines for filing GST returns. LIQUIDITY ISSUES Commenting on the liquidity issues being faced by states, Jaitley
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said: “IGST is preserved and as and when CGST/SGST liability arises, it will keep getting converted as tax payments.” The issue has been more in the first month, and will go down gradually in second and third months, he added. ADDITIONAL CESS The GST Council decided to levy an additional cess of 2 per cent on mid-sized cars, 5 per cent on large cars, and 7 per cent on SUVs, along with lowering tax rates on 40 items, including idli/dosa batter, raincoats, rubberband and dhoop batti. Mr Jaitley stated: “Reviewed the functioning of GSTN, which on 2-3 occasions got overloaded. These are transient challenges and glitches in technology. The Council has decided to appoint a committee to interact with GSTN for smooth transition.” “Since the work is huge, the period of filing of returns has been extended. The GST Council has decided to extend the time to October 10 from September 10, so that there is liberal time for assesses to file return,” the Minister added. DISTRIBUTION BETWEEN THE STATES Commenting o the revenue, a senior government official said that out of the Rs 47,469 crore collected as IGST in July, about Rs 10,000 crore have been distributed between
the states (around Rs 3,000 crore) and Centre (around Rs 7,000 crore). “States such as Punjab and J&K are facing a problem with their revenue. J&K has gone for the first time into a special overdraft facility. There is a need for a transitional arrangement for liquidity management. For that, existing IGST credits need to be leveraged and the way it was suggested was to put it with RBI,” said one finance minister.
GSTN HAS MAJOR PROBLEMS Speaking at the meeting, West Bengal Finance Minister Amit Mitra said, “GSTN has major problems. We had much discussions and all that has to be settled, and a committee of ministers has been formed along with a committee of officers. Routinely it will go after IT problems. Small and medium enterprises are suffering today, this has to be corrected.” EXTENSION OF DEADLINE FOR GSTR-1 On GST returns, the Council decided to extend the deadline for GSTR-1 from 10 September 10 to 10 October. The facility of GSTR-3B, the return for recording summary of transactions, has also been extended for four more months, until December, Revenue Secretary Hasmukh Adhia said. “For GSTR-1, 2, 3, we are giving a long rope and we are staggering the return filing date for July,” Adhia said. “Companies with turnover of over Rs 100 crore, the last date for filing GSTR-1 will be 3 October.
For the rest, it will be 10 October,” Adhia added. GSTR-2 for July will have to be filed by 31 October, and GSTR-3 by 10 November. Dates of GSTR 1, 2, 3 return filing for month of August will be informed later. ADDITIONAL TAX ON PETROL AND DIESEL CARS The Council, headed by Jaitley, decided not to levy any additional tax on petrol and diesel cars of up to 1200 cc engine capacity, and on hybrid cars. The date of implementation of the additional cess on cars will be notified later. Under GST, cars attract the top tax rate of 28 per cent. A cess of 1 per cent to 15 per cent was decided to be levied on top of this for the creation of a corpus to compensate states for any loss of revenue from implementation of GST. Last week, an ordinance was promulgated to enable a hike in the maximum limit of cess on certain categories of cars to 25 per cent from 15 per cent, and the Council, therefore, in its Saturday meeting looked into the quantum of hike.
FIEO Welcomes GST Councils’ Decisions
New Delhi Port Wings News Network ailing the decisions of the GST Council in resolving some of the concerns of the exports sector in its meeting at Hyderabad, Mr Ganesh Gupta, President, FIEO said that the pragmatic and positive decisions taken by the Council are welcomed by the exports sector. BOOST TO PREMIUM ON SCRIPS FIEO Chief said that reduction of the GST rate on supply of scrips like MEIS/SEIS/DFIA scrips from 12% to 5% follows the fitment formula adopted by the Council. This will also give some boost to premium on scrips which plummeted with restriction on utilization of scrips in the GST regime.
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Mr Gupta e x u d e d confidence that the wider utilization of scrips will also be looked by the new Committee as Mr Ganesh Gupta, Government’s President, FIEO objective is to benefit the exporters through the grant of scrips rather than the importers. RESTRICTION ON INTERSTATE JOB WORK Restriction on Inter-State job work disrupted manufacturing in clusters close to Inter-State borders and gave a jolt to employment in such areas. The new changes for Inter– State job work, where job worker’s turnover is below the threshold limit
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of Rs 20 lakh (Rs 10 lakh for specified States) has now been permitted without Registration of job worker, will give a boost to employment in industrial clusters close to interstate boundaries particularly units in National Capital Region said Mr Gupta. FIEO President said that we whole heartedly welcome the formation of institutional mechanism where a Committee of Central and State Government has been formed under the Chairmanship of the Revenue Secretary to address the issues of exports sector. FIEO will shortly be flagging concerns of export sector with the Committee.
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Inside
Nirmala Sitharaman takes over as Defence... Nataraja & Team Emerges Victorious in... Technology Advancement uplifts Productivity... Vessel Position at Terminals and Ports...
Pg-2 Pg-3 Pg-5 Pg-6
Pg-7 Latest Customs Exchange Rates... Pg-7 Goa to Host 3-Day Conclave on Ocean... Double Digit Growth for Global Air Freight... Pg-8
RNI No. TNENG/2014/59741 Postal Registration No. TN/CNI/GPO/067/2015-17 Posted at Pathrika Channel, Egmore, RMS, Chennai-8. Date of Publication - Tuesday, Posted on Tuesday / Wednesday