GST to rollout on July 1, two-slabs for lottery, hotel rooms

GST market watchers consumers

Government of India has relaxed the return filing procedure under the Goods and Service Tax (GST) regime for the first two months post implementation.

"The government is ready to allow late return filing in the first two months", Jaitley said. In spite of solicitations pouring in from a few quarters to postpone the dispatch of GST, Finance Minister Arun Jaitley on Sunday had said the Center will go ahead with the rollout as arranged.

India's tryst with its most comprehensive indirect tax reform, the goods and services tax (GST), will begin on July 1. For August, the new deadline for GSTR-1 will be September 20, instead of September 10.

Kerala Finance Minister Thomas Issac, however, said the IT network for GST was not fully prepared, but the council made a decision to take the risk rather than delay the rollout. The GST Council has finalised a four-tier GST tax structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods, including luxury cars, SUVs and tobacco products. "After a lot of discussion (it was decided) that 28 per cent limit in hotels will start from Rs 7,500, which means that between Rs 2,500 and Rs 7500, the rate will be 18 per cent".

The GST Council has approved anti-profiteering rules to form the mechanism. "I hope we are not compelled to use it (anti- profiteering)", Jaitley added.

"A number of companies and trades have been raising the issue of the lack of their own preparedness".

Gautam Gambhir slams Kashmiri separatist for lauding Pakistan
He further said, "These separatists have always been on the side of Pakistan". Pakistan on Sunday scored 338 runs, and bowled India out for a paltry 158.

At a panel discussion during the 2017 edition of News Corp VCCircle E-commerce Summit, industry participants said that implementation of the GST from July will help reduce costs for companies.

He further announced that the official launch of GST shall take place at midnight on June 30. The anti-profiteering body is expected to have a lifespan of two years.

While a public-private partnership will run the GST Network, the design of the tax is creating a new class of businesses that enables firms to connect to this network through their secure data pipes. "It also raises questions as to whether this system can survive in the GST era when it had undergone maintenance during the second phase of migration when the traffic was restricted only to migration", Assocham secretary-general D. S. Rawat said.

The Council also decided on the Rs 50 lakh threshold for availing composition scheme by businesses in special category states. But government has put fans in the 28 per cent tax bracket. "GST Suvidha Providers and other software providers wanted 10-15 days' time to test the system".

The GST Council meeting on June 30, on the eve of the implementation of the new system, will be followed by a celebration at Parliament's Central Hall.

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