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GST rollout from July 1, 2017 - GST Council eases rules for return filing for July & August

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 20-6-2017 - Dear Professional Colleague, GST rollout from July 1, 2017 - GST Council eases rules for return filing for July & August While sticking to the rollout date of July 1, 2017 for the first-of-its-kind mammoth indirect tax reform post independence in India, the all-powerful GST Council headed by the Hon ble Finance Minister, Mr. Arun Jaitley concluded their meet for the 17th time on June 18, 2017. The GST Council on Sunday mad .....

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n body for the new tax, has stuck to the scheduled rollout. 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, Shri Arun Jaitley said after the 17th GST Council meeting. There was no luxury of time to defer the implementation of GST, he said. Relaxed timeline for GST filing for July and August months: In a breather to tax assessees apprehensive about the burden of compliance under GST regime, the .....

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l need to be filed by September 20. GSTR-1 with invoice level details for the month of July will need to be filed by September 5. For the month of August, the deadline will be September 20. GSTR-2 and GSTR-3 for these two months will be filed thereafter. The simplified rules for filing returns require a taxpayer to file only a simple, self-certified return -by August 20 for July and September 20 for August. This would summarise inward and outward supplies rather than specify invoice-wise detaile .....

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We want to keep it as a deterrent and hope we are not compelled to use the APA, the Finance Minister said. Revenue Secretary Shri Hasmukh Adhia said the Rules will be notified by Monday. According to the mechanism, a Standing Committee of officers will review the complaints which will then be investigated by the Directorate General of Safeguards. If found genuine, it will forward the complaint to the anti-profiteering authority (APA), which will be set up soon, to take the final call on whether .....

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ing across states will be tracked, Shri. Jaitley said the transient rule would prevail pending a final decision. New Registrations from June 25: On the registration of businesses, Shri Jaitley said that 65.6 lakh, or 81.1%, of the existing 80.91 lakh excise, service tax and VAT assessees, have migrated to the GST Network. Registration, which closed on June 15, will reopen on June 25, and the process has been going on satisfactorily , he said. Businesses should not rush for migration. The provisi .....

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e will be 18%. It will be 28% beyond ₹ 7,500. Similarly, tax GST on restaurants in these hotels will be at par with other air conditioned restaurants which is 18%, Shri Jaitley said. Tax rate on lotteries: State-run lotteries are going to be taxed under the GST regime at 12%, while state-authorised private lotteries would fall in the 18% tax slab. Composition Scheme - ₹ 50 Lakhs threshold limit to continue for specified special category States: The GST Council also decided the thresh .....

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