GST Council relaxes filing norms for 2 months

GST market watchers consumers

GST market watchers consumers

The government has given two months extension to companies to file their returns for July and August under the new Goods and Services Tax (GST) regime that comes into effect from 1 July.

Reminiscent of India's tryst with destiny, as Jawaharlal Nehru, our first PM, called India's independence on the midnight of August 15, 1947, ushering in of the Goods and Services Tax on the June 30-July 1 midnight seems historic: the most revolutionary reform since then. The sale returns for July will have to be filed before September 5 instead of August 10.

Further elaborating on luxury services, Jaitley said, "The council fixed tax rate of 18 per cent for hotel rooms between Rs 2,000 and Rs 7,500".

In relief for AC hotels, the Council chose to raise the threshold for the 28 per cent tax to Rs7,500 from Rs5,000 at present. He said state-run lottery will be taxed at 12 per cent while state-authorised lottery at 28 per cent.

The GST Council has approved anti-profiteering rules to form the mechanism.

A slight relaxation of two months has been given to the businesses to prevent lack of preparedness for the new tax regime.

The GST Council will meet again on June 30, the eve of the launch, Mr Jaitley said.

Among a series of efforts to educate people on the Goods and Services Tax (GST), the Central government on Monday launched a video where actor Amitabh Bachchan is speaking about the much talked about tax. "GST - An initiative to create a unified national market", the finance ministry said in a tweet, also putting out the video. A three-tier structure will ensure compliance with the anti-profiteering clause.

The Finance Minister's statements came a day after ASSOCHAM asked the government to postpone the implementation of GST, citing that the IT network was not ready. The final decision will be taken by a five-member committee with a retired Secretary as its chairman.

The council approved changes in the threshold for the composition scheme in the Northeast to Rs 50 lakh instead of Rs 75 lakh, raised at the last meeting and applicable for all other states, citing the small trader base there.

On Monday, India reduced the proposed GST rates for 66 items to ease some of the concerns that the tax could hurt businesses in some sectors.

Jaitley expressed confidence that GST laws from all pending states shall be in place by the end of next week.

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