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GST rollout on July 1: Deadline for filing tax returns extended by 2 months

The official launch of the GST is slated for midnight of June 30 and July 1

Press Trust of India  |  New Delhi 

GST, tax, economy, currency
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The on Sunday relaxed return filing rules for businesses for the first two months of the rollout of the new indirect even as it stuck to the July 1 launch date.

The industry has been pushing for deferment of the implementation.

According to 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 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," Finance Minister told reporters here today.

In relief for hotels, the decided to raise the threshold for the 28 per cent to RS 7,500 from Rs 5,000 at present. This would mean that an 18 per cent will be levied on bills of Rs 2,500-7,500.

The decided to lotteries in two segments — with state-run ones attracting 12 per cent 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 implementation," Jaitley made it clear.

The official launch of the goods and services (GST) is slated for mid-night of June 30 and July 1.

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GST rollout on July 1: Deadline for filing tax returns extended by 2 months

The official launch of the GST is slated for midnight of June 30 and July 1

The official launch of the GST is slated for mid-night of June 30 and July 1
The on Sunday relaxed return filing rules for businesses for the first two months of the rollout of the new indirect even as it stuck to the July 1 launch date.

The industry has been pushing for deferment of the implementation.

According to 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 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," Finance Minister told reporters here today.

In relief for hotels, the decided to raise the threshold for the 28 per cent to RS 7,500 from Rs 5,000 at present. This would mean that an 18 per cent will be levied on bills of Rs 2,500-7,500.

The decided to lotteries in two segments — with state-run ones attracting 12 per cent 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 implementation," Jaitley made it clear.

The official launch of the goods and services (GST) is slated for mid-night of June 30 and July 1.
image
Business Standard
177 22

GST rollout on July 1: Deadline for filing tax returns extended by 2 months

The official launch of the GST is slated for midnight of June 30 and July 1

The on Sunday relaxed return filing rules for businesses for the first two months of the rollout of the new indirect even as it stuck to the July 1 launch date.

The industry has been pushing for deferment of the implementation.

According to 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 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," Finance Minister told reporters here today.

In relief for hotels, the decided to raise the threshold for the 28 per cent to RS 7,500 from Rs 5,000 at present. This would mean that an 18 per cent will be levied on bills of Rs 2,500-7,500.

The decided to lotteries in two segments — with state-run ones attracting 12 per cent 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 implementation," Jaitley made it clear.

The official launch of the goods and services (GST) is slated for mid-night of June 30 and July 1.

image
Business Standard
177 22