Relaxation in return filing procedure for first 2 months of GST implementation

"GST on restaurants in these hotels will be at par with other air-conditioned restaurants, that is 18%", finance minister Arun Jaitley said after a meeting of the GST council in Delhi.

"GST has been finalised after a collaborative and consultative approach and we look forward to its introduction", Confederation of Indian Industry Director General Chandrajit Banerjee said. Such details can be filed up to September 5 for July and September 20 for August. Speaking on AC hotels, Mr Jaitley said, the Council chose to raise the threshold for the 28 per cent tax to 7,500 rupees from 5,000 rupees at present. Hotels with tariffs between Rs 2,500 and Rs 7,500 will now attract a GST rate of 18%.

The Council made a decision to tax lotteries in two segments-with state-run ones attracting 12% GST and the state- authorised 28%.

"The Council approved draft rules relating to advance rulings, appeals and revision, assessment, anti-profiteering and fund settlement. I hope we are not compelled to use it".

India is ready to launch the Goods and Services Tax (GST) on July 1, the official steering the process told Reuters, saying the technology that will drive it is robust and dismissing fears the tax is too complicated.

He also said that the council will hold further consultation on e-way bills, till then an alternative or transient rule will prevail.

The GST Council also notably relaxed return filing timelines for July and August along with clearing anti-profiteering, e-way bill rules. "Registrations are going on satisfactorily and 65.6 lakh have already taken provisional registration, which is good enough to file returns", he said, adding that some new trades will come under the GST for the first time.

The Council also decided on the Rs 50 lakh threshold for availing composition scheme by businesses in special category states.

"This being the status of preparedness of the GSTN, the taxpayers would find it very hard to comply with GST requirements from July 1, 2017".

Briefing reporters here during a pause in the Council's 17th meeting, Andhra Pradesh Finance Minister Yanamala Ramakrishnudu said that he has requested that textiles and fertilisers be exempted from the GST.

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