Culture&Arts

GST Council gives relaxation of 2 months for filing of GST returns

GST Council gives relaxation of 2 months for filing of GST returns

Good and Services Tax will be rolled out on July 1 despite concerns raised by Infosys about technical preparedness, Finance Minister Arun Jaitley said on Sunday.

Mr Jaitley, speaking after a meeting of a GST coordination panel, said there would be "a slight relaxation of time" covering July and August before the strict GST filing timetable would apply from September. "The indication from the Finance Minister that states may continue with their own current system on e-way bills brings ambiguity around the same and may dilute the one nation, one tax motto of GST", said EY India, Tax Partner, Abhishek Jain according to a report in the Economic Times.

"Therefore, it has been clearly stated by CEO that the return module will be ready only by end-July, which will be before August, the month of filing returns". The GST council is chaired by Jaitley and comprises state finance ministers.

GST will be imposed at a rate of 10 per cent on the value of the supply.

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It said the vice-president had earlier interviewed several candidates . "Experience is everything", she said. He was also the US attorney for the Eastern District of Virginia during former President George W.

Under the new tax regime that comes into effect on July 1, government-authorized private lotteries will be taxed at a 28 percent rate, while lotteries directly run by the state governments will be taxed at 12 percent, up from a previous proposal for 5 percent.

The GST Council cleared six rules which included anti-profiteering rules as well. "I hope we are not compelled to use it (anti-profiteering rule)", Jaitley said.

"A number of companies and trade have been raising the issue of lack of preparedness".

"We, Assocham, applaud the effort being made by the government to implement GST at the earliest". "Registration is going on fairly satisfactorily".

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Azhar Ali also scored 59 off 71 and after his departure Babar Azam also put some notable contribution in the board with 46 off 52. Once Amir had devoured the three in a superb opening spell of six overs, it virtually ended the match as a contest.

"It will have a sunset clause of two years", Adhia said.

The shift to the new GST could provide an opportunity for banks to strengthen relationships with middle-market clients and win relationships with new companies. With the implementation of GST e-commerce businesses and consumer, both will be benefited. The complaints will then be referred to DG (Safeguards), which will function as the investigative authority. With consensus still to emerge, the Council also postponed a decision on transition to E-way bills.

Jaitley said the the council will meet again on June 30, the eve of the launch, and hold consultations on e-way bills.

CREDAI also highlighted that availing input tax credit may not be feasible under GST, thus limiting the capacity of developers to absorb the additional tax burden or pass on the benefits to homebuyers.

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Republicans and Democrats sat in different parts of the park - fans could state their party preference when buying tickets. FILE - In this March 8, 2017 file photo, House Majority Whip Steve Scalise of La. speaks on Capitol Hill in Washington.

The 17 GST Council meeting - the last but one before the final roll out of Goods and Services Tax, mulls over the most crucial issues, has already decided on some and is hopeful of laying the rest of the pending matters to rest. Earlier, the minimum tariff for this tax bracket was above Rs 5,000.


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