GST Council relaxes return filing rules for July-Aug

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"From September, strict adherence to time will go on", Finance Minister Arun Jaitley today told reporters. While the Goods and Service Tax (GST) is slated for a July 1 roll-out, some crucial issues regarding industries besides special reference to Assam and northeast are still unclear, said Buragohain.

Jaitley said the GST Council has cleared anti-profiteering and e-way bill rules. This would mean hotels costing between Rs 2,500-7,500 will be taxed at 18 per cent.

The Goods and Service Tax (GST) Council on Sunday chose to tax state-run lotteries and state authorised lotteries at 12 and 18 percent respectively, and to tax 28 percent in hotels starting from Rs 7,500 and 18 percent below Rs. 7,500.

In this connection, the Finance Minister said that the Council has allowed businesses a relaxation of time for the first two months (July-August) for filing their returns. Such details can be filed up to September 5 for July and September 20 for August.

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

GST Council cleared rules of anti-profiteering under GST. It would forward the complaint to the Directorate of Safeguards (DGS) for investigation, which is likely to take about two-three months to complete the inquiry.

As per the norms, the authority will have a sunset date of two years and will decide on a penalty to be levied.

"There were two opinions in the Council".

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

"The official launch of the GST will take place on the midnight of June 30 and July 1 at a function in Delhi", Jaitley added. Till then states would continue with existing systems.

The Finance Minister said registration of tax payers was going on in a satisfactory manner.

"We don't have the luxury of time to defer the implementation of GST". Rest of them are expected to pass in the next 10 days.

On June 11, the council chaired by Jaitley had fixed the tax rates of 66 items under review out of a total of 133 items, according to an Indian Express report. However, Uttarakhand will have it at Rs 75 lakh. He stated that said the state now draws power to levy taxes from Section 5 of the Constitution of Jammu and Kashmir, as opposed to the Central Government. "Such deliberate irresponsibility is a ploy to extend the GST regime to the State in a hush-hush manner", Nasir Aslam Wani said in his address.

That only leaves Jammu and Kashmir.

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