Venerdì, 18 Agosto, 2017

Return timelines extended: India Inc gets GST filing breather for 2 months

Builders urge govt for abatement of land value in GST to avoid rise in home prices Northeastern Industry Body Seeks Clarity on GST
Parmenio Sano | 20 Giugno, 2017, 00:42

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 even as it stuck to the 1 July launch date.

The Goods and Services Tax (GST) is set to be implemented from July 1. The GST Council also made a decision to grant businesses 10 additional days to file the returns for August. For August, the new deadline for GSTR-1 is September 20 instead of September 10.

In this connection, the Finance Minister said the Council has allowed businesses a relaxation of time for the first two months (July-August) for filing their returns.

The industry chamber ASSOCHAM on Saturday wrote a letter to Finance Minister Arun Jaitley and demanded that the government should postpone the implementation of Goods and Services Tax (GST) as the IT network is not ready.

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%.

GST has been dubbed as the most significant economic reform since BJP government came to power in 2014 and is expected to add as much as 2 percentage points to the GDP growth rate besides raising government revenues by widening the tax net.


The central and state governments have chose to put in place committees to ensure that businesses and service providers pass on to consumers the benefits granted by the GST.

The all powerful GST Council cleared six draft rules on Sunday but left the e-way bill for more consensus between states. The Council claimed the relaxation was given to avoid any grievances or lack of preparedness.

Parliament has voted in favour of delaying the introduction of the proposed Treasury Laws Amendment (GST Low Value Goods) Bill 2017, which would compel online retailers to collect Goods and Services Tax (GST) from Australian customers on overseas purchases worth less than $1000. The government is hoping that GST will be simpler and easier to administer than all other indirect taxes of the Centre and State levied so far. A three-tier structure will ensure compliance with the anti-profiteering clause. "In global implementations of GST even with the presence of anti profiteering clauses, there was inflationary pressure".

The council approved changes in the threshold for the composition scheme in the Northeast to Rs 50 lakh instead of Rs 75 lakh, raised at the last meeting and applicable for all other states, citing the small trader base there.

The Council also decided the rates on some remaining items.

"It's incumbent on banks to quickly update the e-banking and other digital tools they provide to clients in order to make the transition as seamless as possible", says Greenwich Associates Managing Director Paul Tan.

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