The GST Council Meeting Held on on Sunday (18-06-2017) 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 July 1 launch date. Today, Finance Minister Arun Jaitley highlighted some new changes in the upcoming GST launch at a press conference. Jaitley talked about the IT preparedness of the various stakeholders for smooth roll-out of the GST regime.
GST Council gives 2 months relaxation for filing of GST returns
GST Council gives relaxation of 2 months for filing of GST returns
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. 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. Hasmukh Adhia Said that – Companies would be able to file simplified, aggregate returns in July and August, with a deadline of the 20th of the following month
Official News
Relaxation in return filing procedure for first two months of GST implementation With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR-1 would have to be filed for the months of July and August, 2017 as per the timelines given below –
- Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017. No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system. This not only underlines the government’s commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.
Highlights of GST Council Meeting held on 18th June 2017 (18-06-2017)
- The official launch of the GST will take place on the midnight of 30th and 1st at a function in Delhi
- Relaxation in Return filing time-line for first 2 months: A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September.
- GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter.
- 28% limit in hotels will start from Rs 7,500; between Rs 2,500- Rs 7,500 the rate will be 18%
- GST on restaurants in these hotels will be at par with other air-conditioned restaurants (18%)
- State run lotteries will be taxed at 12% of the face value and state authorised lotteries at 28%
- GST Council cleared 6 rules, including anti profiteering. An anti-profiteering body will also be setup for 2 years
- There will be further consultation on e-way bills, till then an alternative or transient rule will prevail
- Traders to get relaxation on filing of returns 10 . IGST rate of 5% on Ship with full ITC will be applicable The next GST Council meet will happen on June 30th, just before the big July 1st roll-out Recommended Articles
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