GST rollout on schedule, return filing rules relaxed for August and September
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 even as it stuck to the July 1 launch date.
The industry has been pushing for deferment of the tax implementation. As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier. “To obviate any lack of preparedness, a slight relaxation of time for two months — July-August — has been given. From September, strict adherence to time will go on,” Finance Minister Arun Jaitley told reporters in New Delhi on Sunday.
In relief for AC hotels, the Council decided to raise the threshold for the 28% tax to Rs 7,500 from Rs 5,000 at present. This would mean that an 18% GST will be levied on bills of Rs 2,500-7,500.
The Council decided to tax lotteries in two segments — with state-run ones attracting 12% GST and the state- authorised 28%. Additionally, it has cleared six rules, including anti- …read more