Story PageGST Council Relaxes Return Filing Rules For July-Aug

50 per cent of the manufacturing units are mainly located in excise free zone of Himachal Pradesh Uttarakhand and the north eastern States

50 per cent of the manufacturing units are mainly located in excise free zone of Himachal Pradesh Uttarakhand and the north eastern States

An awareness campaign has also been launched to inform industry about the processes related to Goods and Services Tax (GST).

The GST Council headed by Finance Minister Arun Jaitley will meet tomorrw to clear the remaining rules and finalise the crucial anti-profiteering rules, e-way bills and tax on lotteries. This would mean hotels costing between Rs 2,500-7,500 will be taxed at 18 per cent. Slab of 28 per cent on hotels to start from tariff of Rs 7,500 as against Rs 5,000 decided earlier.

The Finance Minister said, GST Council gave its nod to tax lotteries in two segments with state-run ones attracting 12 per cent GST and the state-authorised 28 per cent.

"The GST Council relaxes return filing timelines for July and August", said Mr. Jaitley. Once fully up and running, GST will require companies to file a complete return of their sales invoices by the 10th of the following month, with a second of their purchase invoices by the 15th.

The e-way bill will be optional under the Goods and Services Tax, as decided by the GST Council.

Additionally, it has cleared six rules, including anti- profiteering.

A five-member anti-profiteering authority, sources said, will be set up in about three months, which will finally decide on the penalty.

"It will have a sunset clause of two years", Adhia said.

"There were two opinions in the Council. Till then, an alternative rule will operate. which will authorise the existing system of the states to continue", Jaitley said.

"We don't have the luxury of time to defer implementation of GST".

"States which have an e-way bill structure in place can continue with it".

Briefing reporters here during a pause in the Council's 17th meeting, Andhra Pradesh Finance Minister Yanamala Ramakrishnudu said that he has requested that textiles and fertilisers be exempted from the GST.

Arun Jaitley further said that GST on restaurants in hotels will be at par with other air-conditioned restaurants and attract 18 per cent tax. "They will have 30 days for GSTIN", Jaitley added. However, Uttarakhand will have it at Rs 75 lakh.

Jaitley said that no decision could be made today regarding the IGST on shipping vessels at 5 per cent.

"This being the status of preparedness of the GSTN, the taxpayers would find it very hard to comply with GST requirements from July 1, 2017".

That only leaves Jammu and Kashmir.

"Even in the All Party Meeting, the State Government failed to come up with its proposal to deal with this issue and had no answers to provide".

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