Published: Tue, June 20, 2017
World News | By Carolyn Briggs

Jaitley to chair 17th GST Council meeting on Sunday

Jaitley to chair 17th GST Council meeting on Sunday

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.

The GST subsumes all indirect taxes, from service tax to octroi, aiming to to levy a common tax on goods and services across the country.

The new filing date for sales in the first month, that is July, will now be September 5 instead of August 10.

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.

Jaitley, speaking after a meeting of a GST coordination panel, said there would be "a slight relaxation of time" covering July and August before the strict GST filing timetable would apply from September, Reuters reported.

The council has already finalised tax rates on nearly all goods and services in the bracket of nil, 5, 12, 18 and 28 percent. The GST on restaurants in these hotels will be 18 per cent - at par with other air-conditioned restaurants. The council also fixed the tax of state-run lotteries at 12% and of state authorised lotteries at 28%.

The all powerful GST Council cleared six draft rules on Sunday but left the e-way bill for more consensus between states. GST is an activity to make "one country, one duty, one market", he says.

More news: What happened in Bill Cosby's sexual-assault trial
More news: Friend says Trump is considering 'terminating' Mueller
More news: 'Cars 3' speeds to No. 1, Tupac biopic nets strong debut

He also announced relaxation in taxes for hotels and restaurants.

Both the government and the industry alike have put in stupendous efforts towards the implementation of GST at their respective organisational levels.

But what is GST and how will it reform the current tax structure?

Originally, the launch of GST, which has been in works for over a decade, was to be done from Vigyan Bhawan - the largest convention centre in the national capital that has hosted majority of the meetings of the GST Council.

Jailtey said the GST Council, during its 17th meet, discussed about the IT preparedness at length and added that 65.6 lakh have taken provisional registration under the new tax regime. Even after the introduction of e-way, the cameras at the check posts will continue scanning e-way bills.

Jaitley expressed confidence that GST laws from all pending states shall be in place by the end of next week.

Ramakrishnudu also said that the Council turned down all the other representations for revision in rates, after it had agreed to revision for a numeber of items at its previous meeting here on June 11.

Like this: