The 17th GST Council meeting will also review the preparedness of the states to switch over to the new tax regime that proposes one sales tax for the whole country.
On Sunday, the council eased rules GSTR 1 (onward supplies) and GSTR 2 (inward supplies) for July and August to ease taxpayers’ anxieties.
The GST is scheduled to be rolled out from July 1 and tax rates have already been fixed for nearly all goods and services.
In relief for AC hotels, the Council chose to raise the threshold for the 28 per cent tax to RS 7,500 from Rs 5,000 at present.
Addressing the orientation program, NC Provincial President Nasir Aslam Wani said the government’s stand on GST was still unknown and there were clear indications that the PDP-BJP government had made up its mind to extend Constitutional Amendment 101 to the state through a Presidential Order. “So I think GSTN should be taken over by the Government and the GSTN chairman be removed”, said Subramanian Swamy.
GST Council set tax rates on state-run lottery at 12% and government-authorised private lottery at 18%, PTI reported on Sunday.
“Relaxation for filing transaction-wise returns in July, August. will provide relief to the industry”, said Harishanker Subramaniam, head of indirect tax at EY India. “THis is 81.1 percent of the 80.91 lakh (81 million) assessees as per the old system”, Jaitley said. “From September, strict adherence to time will go on”, Finance Minister Arun Jaitley told reporters here today.
Companies would be able to file simplified, aggregate returns in July and August, with a deadline of the 20th of the following month, said Hasmukh Adhia, a finance ministry official steering the launch of the tax.
“The Council approved draft rules relating to advance rulings, appeals and revision, assessment, anti-profiteering and fund settlement”.
“We want to keep it as a deterrent and hope we are not compelled to use the APA”, the Finance Minister said.
He also said that the council will hold further consultation on e-way bills, till then an alternative or transient rule will prevail.
Before Karnataka, as many as 24 states and Union Territories had passed the State Goods and Services Tax (SGST) bill in their respective legislative assemblies.
The e-way bill will be optional under the Goods and Services Tax, as decided by the GST Council.
The latest announcement comes almost a week after the GST Council revised downward tax rates for 66 items including movie tickets of Rs 100 and below, incense sticks, insulin, school bags, computer printers.
[Copyright By Marco Green]