- The Union Minister of Finance & Corporate Affairs, Shri @arunjaitley chairing the 26th GST Council Meeting in New Delhi today.
- GST Council in its 26th Meeting held under the Chairmanship of the Union FM, Shri @arunjaitley today in New Delhi sent a strong positive signal to exporting community by deciding to extend the available tax exemptions on imported goods for further 6 months beyond 31st March,2018.
- Thus, exporters presently availing various Export Promotion Schemes can now continue to avail such exemptions on their imports up to 1st October,2018, by which time an e-Wallet Scheme is expected to be in place to continue the benefits in future.
- In a related development which would benefit the exporters, the GST Council reviewed the progress in grant of refunds to exports of both IGST and Input Tax Credit. The Council appreciated that the pace of grant of IGST refund has picked up.
- Thereafter, the GST Council directed GSTN to expeditiously forward the balance refund claims to the Customs/Central GST/State GST authorities, as the case may be, for their immediate sanction and disbursal.
- For merchant exporters a Special Scheme of payment of GST @ 0.1% on their procured goods was introduced.
- Domestic procurement made under Advance Authorization, EPCG and EOU Schemes were recognized as 'deemed exports' with flexibility for either the suppliers or the exporters being able to claim a refund of GST/IGST paid thereon. All these avenues were made available upto 31.03.2018.
- GST Council also agreed today to: (a) Defer the implementation of the e-Wallet scheme by 6 months i.e., upto 01.10.2018; and (b)Extend the present dispensation in terms of exemptions etc. which is available up to 31.03.2018, for a further 6 months i.e., upto 01.10.2018.
- ISA-ADB, NDB, GCF, AfDB & AIIB signed Joint Declarations of Financial Partnership in august presence of the Union FM, Shri @arunjaitley & MOS(I/C) Power & New & Renewable Energy, Shri R.K.Singh in New Delhi today;For full details, pl Log on: _artnership http://www.pib.nic.in/PressReleaseIframePage.aspx?PRID=1523641#.WqOw_E694ww.twitter …
- Asian Development Bank (ADB) and the Government of India Sign $ 84 Million Loan for Improvement and Expansion of Water Supply in the State of Bihar ;For full details, please Log on: http://www.pib.nic.in/PressReleaseIframePage.aspx?PRID=1521500#.WqOs3wNiA_8.twitter …
- FM @arunjaitley after 26th GST Council Meeting said that existing system of filing returns has been extended for another 3months and meanwhile, GOM on the IT will look into it & consult tax experts among others.
INDIA-AMERICA-BRITISH
Saturday, 10 March 2018
The 26th GST Council Meeting.
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