On Saturday, the Goods and Services (GST) Council headed by Union Finance Minister Arun Jaitley held its 26th meeting. At the gathering, the Council announced the existing system of filing returns will be extended for another three months.
While addressing the press Jaitley said, “Existing system of filing returns has been extended for another three months and meanwhile group of ministers on the Income Tax will look into it and consult tax experts among others.”
The Finance Minister also announced the extension of the proposal for Reverse Charge Mechanism. Jaitley said, “There was another proposal of Reverse Charge Mechanism which has been extended for three months.”
Other decisions made at the meeting included an extension in the tax exemption for exporters. Jaitley explained the extension was given for another six months.
This meeting was focused primarily on extensions as Jaitley announced an extension for formalities to be finalized for the Tax Collection at Source (TCS) and Tax Deducted at Source (TDS.) This procedure which involves linking of the accounting system to the Central and State Government have been extended till 30th of June.
