GST Council gives return filing breather to traders for 2 months
While the official launch of the Goods and Services Tax (GST) is still July, 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 to obviate any lack of preparedness. 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 September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 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,” said Finance Minister Arun Jaitley on Sunday.
In relief for AC hotels, the Council decided to raise the threshold for the 28 per cent tax to Rs7,500 from Rs5,000 at present. This would mean that an 18 per cent 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 per cent GST and the State- authorised 28 per cent.
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
Hailing the Council’s decision to give initial two months’ relaxation in filing of returns, the Confederation of All India Traders said that the move will give ample time for businesses to prepare their IT systems and comply with the new indirect tax regime.
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