GST return deadlines relaxed with extended filing schedules and initial late-fee waivers; tax on advances exempted for most suppliers.
Procedural relaxations under GST effective mid-November 2017 extended and staggered GSTR-1 filing by turnover class, deferred notification of due dates for GSTR-2 and GSTR-3, set transitional timelines for GSTR-4, GSTR-6 and GSTR-3B, prescribed dates for GST Tran-1 filings, exempted tax on advances for registered persons except composition dealers, and waived or credited late fees for specified early months with a reduced daily late fee thereafter. (AI Summary)

Arm's length pricing: align GST valuation with transfer pricing to secure consistent valuation and tax certainty across agencies.
The Valuation Rules under GST adopt a market value approach for related party supplies mirroring the arm's length principle from transfer pricing; existing divergence between customs' transaction centric valuation and Income tax's functional best method analysis causes inconsistent pricing for the same transaction. The article recommends that GST Valuation Rules align with transfer pricing methodology and that authorities coordinate-including using transfer pricing specialists-to determine a single consistent arm's length price, enhancing ease of doing business and tax certainty for multinationals. (AI Summary)