India Inc., ready for GST rollout on July 1, CII

India Inc., ready for GST rollout on July 1, CII

India Inc., ready for GST rollout on July 1, CII

The official launch of the goods and services tax (GST) is slated for mid-night of June 30 and July 1.

"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". For August, the new deadline for GSTR-1 is September 20 instead of September 10.

"It will give more time to traders to prepare themselves to comply with GST law", Confederation of All India Traders (CAIT) said welcoming the announcement by Finance Minister Arun Jaitley after the Council's meeting here on Sunday. A 28 percent GST rate will now apply for room tariffs of above Rs 7,500 a night from the earlier threshold of Rs 5,000. Restaurants in five-star hotels will have the same tax as air-conditioned restaurants at 18 per cent. "I hope we are not compelled to use it (anti-profiteering rule)", Jaitley said.

"A number of companies and trades have been raising the issue of the lack of their own preparedness".

The short period of time between the decision to impose and then cancelling the GST on the said items had resulted in temporary confusion among netizens and within the media community as there were two completely contradictory sets of information found online.

Isaac said that the GST is expected to lessen the tax burden by Rs 1 lakh crore and the government was taking all steps to ensure that corporates did not profit from this relief. Known as the star of the century in Bollywood, Big B will be promoting what is said to be biggest tax overhaul since independence entered its final phase.

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Another amendment states that the Productivity Commission must investigate the most effective model to collect GST, after receiving push back from major retailers with Australian operations such as Ebay and Amazon.

The hospitality industry has also been apprehensive that high GST rates will lower the footfall and for the rooms already booked, they will have to raise prices and alienate tourists, or absorb the losses. "The official launch will be on June 30 midnight".

The state government of West Bengal has called for New Delhi to postpone the roll out of GST for a month.

The Government introduced GST in April 2015 in the form of a 6% tax on goods and services.

The agenda of the GST Council meeting here now underway includes discussion on postponing the requirement for filing returns under the GST as the IT infrastructure required for it is not yet ready.

"States which have an e-way bill structure in place can continue with it".

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