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

July 1 launch on

Finance Minister Arun Jaitley
Arun Jaitley, Union minister for finance and corporate affairs, chairs the 17th GST Council meeting at Vigyan Bhavan in New Delhi on Sunday. Photo: PTI

Amid doubts in some quarters over the tech preparedness for the goods and services tax (GST), the high-powered GST Council on Sunday decided to introduce the new indirect tax system from the midnight of June 30-July 1, but gave a relaxed timetable and exemption from penalties and late fees to industry while filing returns in the first two months.  However, some states expressed fears that the relaxation given on filing returns would lead to a revenue loss for them. “We don’t have the luxury of time to defer the implementation of the GST... The official ...