Existing system of filing returns extended for another 3 months

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The Goods and Services (GST) Council, in its 26th meeting on Saturday, extended the existing system of filing returns for another three months.

"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," Union Finance Minister Arun Jaitley said while addressing the press here.

The Finance Minister also extended the proposal for Reverse Charge Mechanism.

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

Other decisions included an extension in the tax exemption for exporters.

"Tax exemption for exporters has been extended for another six months," the finance minister added.

Meanwhile, 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.