Wednesday, 23 August, 2017

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

Builders urge govt for abatement of land value in GST to avoid rise in home prices Northeastern Industry Body Seeks Clarity on GST
Howard Terry | 20 June, 2017, 00:44

Assocham pitched its case by quoting the GSTN (GST Network) CEO, who has said that the network might not be fully operational by July 1, 2017.

The deadlines for submitting invoice-wise details in regular GSTR - 1, the government said would have to be filed for the month of July and August as per the below timelines.

Finance Minister Arun Jaitley said there were two opinions on the e-way bill so the Council made a decision to have more deliberations.

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. A 28 percent GST rate will now apply for room tariffs of above Rs 7,500 a night from the earlier threshold of Rs 5,000. This would mean that an 18 per cent GST will be levied on bills of Rs2,500-7,500.

It also cleared six rules, including on anti-profiteering.

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

Speaking to the media, CII Director General, Chandrajit Banerjee said, "GST has been finalised after a collaborative and consultative approach and we look forward to its introduction".

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

The very idea of GST subsuming all local taxes was to simplify the tax system and minimise chances of corruption.

In a 40-second advertisement, 74-year-old Bachchan says: "GST is not just a tax, it is an initiative to unite the Indian market".

The government on Thursday had clarified that construction of flats, complex, buildings will have a lower incidence of GST as compared to a plethora of central and state indirect taxes suffered by them under the existing regime.

The lotteries from the northeastern states are likely to have a tough time surviving with a 28 percent tax rate as majority are sold in other states through agents.

The recalibration of hotel and restaurant taxes came after appeals from the governments of Rajasthan and Goa - states that have a thriving tourism industry.

The agenda of the GST Council meeting here now underway includes discussion on postponing the requirement for filing returns under the GST as the IT infrastructure required for it is not yet ready.

"Till a consolidated rule is framed by consensus, the transient rule will continue", Jaitley said on the e-way bill issue.

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