Goods and Services Tax – GST – By: – Bimal jain – Dated:- 20-6-2017 – Dear Professional Colleague, GST rollout from July 1, 2017 – GST Council eases rules for return filing for July & August While sticking to the rollout date of July 1, 2017 for the first-of-its-kind mammoth indirect tax reform post independence in India, the all-powerful GST Council headed by the Hon ble Finance Minister, Mr. Arun Jaitley concluded their meet for the 17th time on June 18, 2017. The GST Council on Sunday made the dreaded anti-profiteering clause more palatable specifying a sunset clause of two years even as it relaxed the deadline for filing returns under the GST till September. With the conclusion of the 17thGST Council meet on June 18, 2017, the gist of the key takeaways from the meeting of the GST Council are as under: July 1, 2017 announced as the rollout date for GST India s tryst with its most comprehensive indirect tax reform, i.e. GST, will begin on July 1. The GST Council, the apex decisi
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ll need to be filed by September 20. GSTR-1 with invoice level details for the month of July will need to be filed by September 5. For the month of August, the deadline will be September 20. GSTR-2 and GSTR-3 for these two months will be filed thereafter. The simplified rules for filing returns require a taxpayer to file only a simple, self-certified return -by August 20 for July and September 20 for August. This would summarise inward and outward supplies rather than specify invoice-wise detailed returns as per GST rules. However, assesses must file the return with invoice details in September for both months. These will be matched with the simpler returns filed earlier, and any difference in tax amount will be paid by the tax assessee , Shri Adhia said. Approval to Draft Rules for relating to advance ruling, appeals and revision, assessment and anti-profiteering The GST Council also approved the Rules relating to advance ruling, appeals and revision, assessment and anti-profiteering.
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ving across states will be tracked, Shri. Jaitley said the transient rule would prevail pending a final decision. New Registrations from June 25: On the registration of businesses, Shri Jaitley said that 65.6 lakh, or 81.1%, of the existing 80.91 lakh excise, service tax and VAT assessees, have migrated to the GST Network. Registration, which closed on June 15, will reopen on June 25, and the process has been going on satisfactorily , he said. Businesses should not rush for migration. The provisional ID number will be the same for GSTIN (GST identification number). New businesses too need not rush. They will have 30 days for GSTIN. Relaxation in tax rate for hotels: The GST Council has decided to provide relief to hotels by raising the threshold tariff for the 28% tax rate to ₹ 7,500 from ₹ 5,000 proposed earlier. After a lot of discussion (it was decided) that 28% limit in hotels will start from ₹ 7,500 which means that between ₹ 2,500 and ₹ 7,500, the ra
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ategory states had been kept pending. Composition Scheme -Negative List: The GST Council has also recommended that manufacturers of the following goods shall not be eligible for the Composition Scheme: Ice cream and other edible ice, whether or not containing cocoa [2105 00 00] Pan masala [2106 90 20] Tobacco and manufactured tobacco substitutes [24] GST Rate on certain goods: The GST Council also recommended that the GST rate on dried singhada and makhanawill be 5%. GST Rate on vessels: The council has set a 5% integrated GST on shipping vessels with input tax credit. Our Comments: The GST Council will meet again on June 30 to take stock and decide before the implementation of GST. With clear announcement of July 1, 2017 as the appointed day, it is time now for all of us to gear up for timely rollout of GST. The relaxation in timeline for filing the initial invoice-wise returns for first two months after GST rollout allows only a reasonable time for the Industries and the GSTN along w
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