News Worms
News Worms

GST to rollout on July 1, return deadline relaxed by 2 months

GST to rollout on July 1, return deadline relaxed by 2 months

The GST Council on Sunday relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime.

Finance Minister Arun Jaitley said there were two opinions on the e-way bill so the Council chose to have more deliberations. "The GST Council categorically agreed on the implementation of GST [goods and service tax] from July 1", Jaitley told reporters.

With less than two weeks left for its implementation, Narendra Modi government on Monday roped in Bollywood megastar Amitabh Bachchan to promote Goods and Services Tax (GST). Such details can be filed up to September 5 for July and September 20 for August. So far, there have been 17 meetings of the GST Council, that includes the finance ministers of all states and centre.

The new taxation rate will put private lotteries in the same tax slab as other "luxurious" activities from the entertainment industry, including renting hotel rooms at tariffs over Rs 7,500 ($116), entries to land-based casinos, and even theme park services.

The GSTN, a not for profit Company incorporated on March 28, 2013, is tasked to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of the GST.

The all powerful GST Council cleared six draft rules on Sunday but left the e-way bill for more consensus between states.

"We want to keep it as a deterrent and hope we are not compelled to use the APA", the Finance Minister said. He said a number of companies and trades have been raising the issue of the lack of their own preparedness.

The formal transition to the indirect tax regime, billed as the biggest reform of its kind in independent India, is likely to take place in Parliament at midnight on June 30.

First two months post GST, tax would be payable on a simple return form GSTR-3B before August 20. Rooms with higher charges will be taxed at 28 per cent. There has been an assurance that registrations throughout the month of July shall also be granted and this should not affect the supplier of goods/services to be GST compliance, issue invoices, claim credit, etc.

Jaitley said the the council will meet again on June 30, the eve of the launch, and hold consultations on e-way bills.

Also, the rules issued pertaining to e-way bill has been complex and cumbersome to implement, hence, against ease of doing business.

A four-rate structure that exempts or imposes a low rate of tax 5 percent on essential items and the top rate of 28 percent on cars and consumer durables has been finalised.


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