GST from July amid tech tension

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GST from July amid tech tension

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

Though the new system will be in effect from July 1, businesses have been given time until September 5 to file returns for July.

The 17th meeting of the Goods and Services Tax Council (GSTC) will be held in national capital New Delhi on Sunday with Finance Minister Arun Jaitley in the chair.

Addressing the media, Jaitley said hotel rooms costing Rs 2500-Rs 7500 will be taxed at 18% while those above Rs 7500 will attract levy of 28%. For room tariffs between Rs 2,500 and Rs 7,500, the rate will be 18%.

Among the newly introduced tax rates introduced by the GST Council, were higher taxation for privately run lotteries as well as other "luxury" services such as five-star hotels and cinemas.

The Council also approved the anti-profiteering rules.

"We want to keep it as a deterrent and hope we are not compelled to use the APA", the Finance Minister said.

"A number of companies and trade have been raising the issue of lack of preparedness". Malaiyya discussed about the difficulties being faced by traders related to implementation of GST system with Jaitley.

The e-way bill will be optional under the Goods and Services Tax, as decided by the GST Council. GST is an initiative to create "one nation, one tax, one market", he says.

Hasmukh Adhia, the revenue secretary of India's Ministry of Finance, took to Twitter to write: "The rumours about GST implementation being delayed are false".

The government on Thursday had clarified that construction of flats, complex, buildings will have a lower incidence of GST as compared to a plethora of central and state indirect taxes suffered by them under the existing regime.

As the Bill stands, Park suggested, Australian consumers would be asked to pay an extra 10 per cent to foreign businesses with no guarantee the money will ever be remitted to an Australian tax authority.

"States which have an e-way bill structure in place can continue with it".

Virginia tobacco auctions remained suspended for the third consecutive day on Saturday as farmers and traders kept away from the market demanding that the GST Council roll back the tax proposed on tobacco leaves and unmanufactured tobacco, at its meeting on Sunday. There has been an assurance that registrations throughout the month of July shall also be granted and this should not affect the supplier of goods/services to be GST compliance, issue invoices, claim credit, etc.

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