GST Council relaxes return filing rules for July-August, rollout confirmed from 1 July
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GST Council relaxes return filing rules for July-August, rollout confirmed from 1 July

23 news, 1

New Delhi: 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 1 July launch date.

The industry has been pushing for deferment of the tax implementation.

The GST, the biggest tax reform in India's 70-year history, will require firms to file three online returns each month. Some business lobby groups have urged a delay to the rollout to allow more time to get ready.

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. 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 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 percent GST and the state-authorised 28 percent.

Additionally, it has cleared six rules, including anti- profiteering. "I hope...

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