GST to roll out on July 1: Jaitley

Ruben Ruiz
June 19, 2017

The next GST Council meeting will take place on the momentous midnight hour of June 30, just before the hour of the big July 1 roll out. Rooms with rent between Rs 2,500 and Rs 7,500 will have a tax rate of 18 percent. Rates for hybrid vehicles were not discussed at the meeting, the 17th Council meeting. A three-tier structure will ensure compliance with the anti-profiteering clause. "The price reduction has to be be passed on to the customer", Jaitley said.

At Sunday's meeting, officials also agreed on several sets of GST rules, including anti-profiteering guidelines meant to prevent traders exploiting the reform to ramp up prices, Reuters reported, quoting Jaitley as saying that the Council would meet again on June 30, a day before the launch of the new taxation regime. "Though some commodities might get expensive, no extra tax would be added to most consumer durables", he added.Adhia said there would be no need of integrated check posts on state borders following implementation of GST.

"We may be able to refund the penalty to consumers in the case of commodities that can be tracked". Where the consumer can not be identified, the amount would be credited to the consumer welfare fund.

The new filing date for sales in the first month, that is July, will now be September 5 instead of August 10. However, as per the revised timeline for filing returns, a simple form - GSTR-3B - would have to be filed by August 20 for the month of July and September 20 for August.

It also cleared six rules, including on anti-profiteering. The authority, to be headed by a retired secretary-level officer, can take suo motu action, besides acting on complaints of profiteering.

With the GST Council divided on the E-way rule-the manner in which consignments moving across states will be tracked-Jaitley said the transient rule would prevail pending a final decision.

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Besides, only hotels with room tariffs above Rs 7,500 will now face a 28% levy against Rs 5,000 earlier.

There are at present about 80 lakh excise, service tax and VAT assessees, of which 64.35 lakh have already migrated to the portal of GST Network. This has brought these restaurants at par with other air-conditioned restaurants.

"Barring Uttarakhand and Jammu and Kashmir, it was chose to make the composition limit at Rs 50 lakh for the other north-eastern states and hill state of Himachal Pradesh", Jaitley said.

GST comes in several slabs, ranging from zero to 28 per cent taxes.

Isaac has also said that agents who sold lotteries from other states will not be allowed to sell Kerala government's lotteries.

Now the businesses under GST have to register new GST Registration Online in each state where they are supplying their goods and services.

Other reports by GizPress

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