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Deadline for filing first GST returns relaxed

20 June 2017
Deadline for filing first GST returns relaxed

The GST Council has chose to stick to the deadline to roll out the new tax regime from July but agreed to relax the rules on the filing of returns by companies for the first two months.

While the Goods and Service Tax (GST) is slated for a July 1 roll-out, some crucial issues regarding industries besides special reference to Assam and northeast are still unclear, said Buragohain.

The deadlines for submitting invoice-wise details in regular GSTR - 1, the government said would have to be filed for the month of July and August as per the below timelines.

However, to facilitate easy transition for the businesses into GST, the government has relaxed the requirement of filing of returns under GST for the months of July and August and introduced a new and simplified form 3B (self-declaration), which would be filed by August 20 and September 20, respectively. Finance minister Arun Jaitley has shared data that 81.1 per cent of current assesses (either value-added tax or service tax) have already obtained the GST registration.

The GST Council on Sunday also decided on a two-slab structure for taxing lottery tickets, which Jaitley said proved to be a contentious issue.

The council also agreed on anti-profiteering guidelines meant to prevent traders exploiting the reform to ramp up prices.

"It is open to abuse by foreign companies, it exposes Australians to the risk of double taxation, it will reduce price competition and choice for all Australians who shop online, and it will drive online trade away from trusted, cooperating online marketplaces to the dark parts of Internet", he said. GST is an initiative to create "one nation, one tax, one market", he says. The GST Council, the apex decision body for the new tax, has stuck to the scheduled rollout. 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.

The tax rate at restaurants attached to star hotels has been fixed at 18 percent. The complaints will then be referred to DG (Safeguards), which will function as the investigative authority.

The Council also decided the threshold limit for the composition scheme for special category states.

"Till a consolidated rule is framed by consesnsus, the transient rule will continue", Jaitley said on the e-way bill issue.

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

On Monday, India reduced the proposed GST rates for 66 items to ease some of the concerns that the tax could hurt businesses in some sectors.