Union Finance Minister Arun Jaitley on Sunday said the Goods and Services Tax (GST) will be rolled from July 1, amid concerns raised by business industries citing unpreparedness to comply with the provisions of the new indirect tax regime.
The Indian government has roped in the superstar to promote GST, ahead of the sweeping tax reform's implementation scheduled from 1 July.
"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". Such details can be filed up to September 5 for July and September 20 for August.
Briefing media after the meeting of the council in New Delhi, Finance Minister Arun Jaitley said, to obviate any lack of preparedness, a slight relaxation of time for two months has been given and from September, strict adherence to time will go on.
The council has already finalised tax rates on nearly all goods and services in the bracket of nil, 5, 12, 18 and 28 percent. "After a lot of discussion (it was decided) that 28 per cent limit in hotels will start from Rs 7,500, which means that between Rs 2,500 and Rs 7500, the rate will be 18 per cent".
"The Council approved draft rules relating to advance rulings, appeals and revision, assessment, anti-profiteering and fund settlement".
However the minister added that "a number of companies and trade have been raising the issue of lack of preparedness".
The digital products and services GST legislation was passed by the Senate in March and is set to take effect on 1 July this year. "An additional imposition of GST of 12% on land values is another drawback which will affect the growth of the industry, especially in cases where land value is relatively high", said Jaxay Shah, president, CREDAI.
Business chamber Assocham has asked the central government to defer the implementation of the new GST regime. "It is a major challenge and government should devise a way through which traders can make digital compliance as required under GST", CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal said. Earlier, the council had fixed a tax of 28 per cent for rooms costing more than Rs 5,000 a night.
"CAIT has also urged that since GST Council is scheduled to meet on 30th June, 2017, a re-look at 28% tax slab is much needed because various items which are neither luxury and nor demerit have been placed under this slab".
"Till a consolidated rule is framed by consensus, the transient rule will continue", Jaitley said on the e-way bill issue.
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