GST to roll out on July 1: Jaitley


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.

As for the sale invoice for August, the companies will have to file it by September 20 with the GST network as against September 10, according to the revised timeline.

"The official launch of the GST will take place on the midnight of June 30 and July 1 at a function which will be organised in Delhi", Finance Minister Arun Jaitley said after the seventeenth GST Council meeting. 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.

The Council made a decision to tax lotteries in two segments, with State-run ones attracting 12 per cent GST and the State- authorised 28 per cent.

The GST Council on Sunday also decided on a two-slab structure for taxing lottery tickets, which Jaitley said proved to be a contentious issue.

Chief Ministers of all states will be invited for the event as GST represented an unprecedented exercise in fiscal federalism, sources said, adding GST Council members will be the guests.

The digital products and services GST legislation was passed by the Senate in March and is set to take effect on 1 July this year.

More than 6.5 million businesses have already signed up for the GST, Jaitley said, more than four-fifths of those already registered to pay India's old business taxes. "GST - An initiative to create a unified national market", the finance ministry said in a tweet, also putting out the video.

As the Bill stands, Park suggested, Australian consumers would be asked to pay an extra 10 per cent to foreign businesses with no guarantee the money will ever be remitted to an Australian tax authority.

Revenue Secretary Hasmukh Adhia said the Centre was ready, but it was companies that wanted time to plug in.

Both the government and the industry alike have put in stupendous efforts towards the implementation of GST at their respective organisational levels. "It was decided that further deliberation will continue and till then, an alternate rule will operate to authorise the existing system to continue", Jaitley said.

In the last meeting held on June 11, tax rates on 66 items, including agarbatti, packaged food and insulin, were lowered.

"There are some major concerns relating to the e-way bill: The first is the issue of e-way bills to all kinds of goods, without a distinction between evasion-prone goods and others".