GST Council gives relaxation of 2 months for filing of GST returns
NEW DELHI: Ruling out any delay for July 1 GST roll out, GST council today discussed and approved six set of rules including decision on e-way bills, GST returns and tax rates on lotteries and hotels in its 17th meeting today.
“The official implementation of GST will take place on the midnight of June 30th in an official ceremony to be held on the same day,” Finance Minister Arun Jaitley said.
Giving some relief, Council has also decided to give relaxation of 2 months for filing of GST returns.
Industries had raised concerns over filing of return under GST due to the lack of readiness of the IT infrastructure.
"GST rate of 28 per cent would be applicable for hotel rooms above Rs 7,500. GST on restaurants in these hotels will be at par with other air-conditioned restaurants," Jaitley said.
"State-run lotteries will be taxed at 12 per cent and private lotteries will be taxed at 28 per cent," he said.
On e-way bills, Finance Minister said further deliberation is needed as the Council had 2 opinions over the issue, till then an alternative or transient rule will prevail.
"Till approval of final rules, an alternate e-way bill will be introduced to allow the states with their current system," he added.
GST council also approved anti-profiteering rule.
Council also ruled out any further revision of GST rates . In the last meeting on June 11, tax rates on 66 items, including agarbatti, packaged food and insulin, were lowered.
“The official implementation of GST will take place on the midnight of June 30th in an official ceremony to be held on the same day,” Finance Minister Arun Jaitley said.
Giving some relief, Council has also decided to give relaxation of 2 months for filing of GST returns.
Industries had raised concerns over filing of return under GST due to the lack of readiness of the IT infrastructure.
"GST rate of 28 per cent would be applicable for hotel rooms above Rs 7,500. GST on restaurants in these hotels will be at par with other air-conditioned restaurants," Jaitley said.
"State-run lotteries will be taxed at 12 per cent and private lotteries will be taxed at 28 per cent," he said.
On e-way bills, Finance Minister said further deliberation is needed as the Council had 2 opinions over the issue, till then an alternative or transient rule will prevail.
"Till approval of final rules, an alternate e-way bill will be introduced to allow the states with their current system," he added.
GST council also approved anti-profiteering rule.
Council also ruled out any further revision of GST rates . In the last meeting on June 11, tax rates on 66 items, including agarbatti, packaged food and insulin, were lowered.