New Delhi, March 10, 2018
The Goods and Services Tax (GST) Council on Saturday highlighted a number of "major data gaps" between the self-declared liability in forms GSTR-1 and GSTR-3B.
The council, in its 26th meeting held earlier in the day, stated that as per an analysis of preliminary data, there was a difference in the amount of Integrated GST (IGST) and compensation cess paid by importers at customs ports and input tax credit of the same, claimed in GSTR-3B.
"The GST Council has been apprised of the fact that the Central Board of Excise and Customs (CBEC) and the GST Network (GSTN) have started detailed data analytics across a number of data sets available with them. This information may be further analysed and adequate action may be initiated accordingly," an official statement said.
The GST Council in its 26th meeting extended the existing system of filing returns for another three months, along with an extension in the tax exemption for exporters.
Furthermore, Finance Minister Arun Jaitley said the e-way bill system for interstate transportation of goods would be implemented from April 1, following which the states will be categorised into four lots for the implementation of the provision. (ANI)