GST Council grants relief for exporters

Mumbai Mar 10: The 26 Meeting of GST Council was held today and Union Finance Minister has briefed the media about the decisions that were taken today.

FM has said that "Existing system of filing returns has been extended for another three months and meanwhile a group of ministers on the Income Tax will look into it and consult tax experts among others.He has also added that ".

There was another proposal of Reverse Charge Mechanism which has been extended for three months."

In a move to grant more relief for exporters, GST council had also taken a decision of extension of Tax exemption for another six months.

Jaitley has added that "the formalities which need to be finalised for the Tax Deducted at Source (TDS) and Tax Collection at Source (TCS) system, which involves linking of the accounting system of both the central and state government, has been extended until June 30."