GST rollout on July 1: Deadline for filing tax returns extended
June, 19th 2017
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.
According to 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 here today.
In relief for AC hotels, the Council decided to raise the threshold for the 28 per cent tax to RS 7,500 from Rs 5,000 at present. This would mean that an 18 per cent 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 per cent GST and the state-authorised 28 per cent.
Additionally, it has cleared six rules, including anti-profiteering. "I hope we are not compelled to use it (anti-profiteering)," Jaitley added.
"A number of companies and trade have been raising the issue of lack of preparedness. We don't have the luxury of time to defer GST implementation," Jaitley made it clear.
The official launch of the goods and services tax (GST) is slated for mid-night of June 30 and July 1.