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Govt to allow late return filing in first two months of GST

LiveMint logoLiveMint 18-06-2017 PTI

New Delhi: The goods and services tax (GST) Council on Sunday relaxed return filing rules for businesses for the first two months of the roll out of the new indirect tax regime even as it stuck to the 1 July launch date.

The industry has been pushing for deferment of the tax implementation. As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by 5 September instead of 10 August.

Companies will have to file sale invoice for August with the GST Network by 20 September instead of 10 September earlier.

"To obviate any lack of preparedness, a slight relaxation of time for two months—July-August—has been given."- Finance minister Arun Jaitley

“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.

In relief for AC hotels, the Council decided to raise the threshold for the 28% tax to Rs7,500 from Rs5,000 at present. This would mean that an 18% GST will be levied on bills of Rs2,500-7,500.

The Council decided to tax lotteries in two segments—with state-run ones attracting 12% GST and the state- authorised 28%.

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.

####SUBBOX####

The official launch of the goods and services tax (GST) is slated for mid-night of 30 June and 1 July.

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