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'Don't have luxury of time to defer GST': Jaitley

19 June 2017

The GST Council has made a decision to stick to the deadline to roll out the new tax regime from July but agreed to relax the rules on the filing of returns by companies for the first two months.

In this connection, the Finance Minister said that the Council has allowed businesses a relaxation of time for the first two months (July-August) for filing their returns.

In a letter to Finance Minister Arun Jaitley, Assocham said existing assessees have not yet migrated to the GSTN portal due to reasons like non-familiarity with IT tools as well as registration process.

Builders body Confederation of Real Estate Developers Association of India (CREDAI) has urged the government to consider accommodating the abatement of land value in the new goods and services tax (GST) regime to ensure that home prices don't rise.

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Once fully up and running, the GST would require companies to file a complete return of their sales invoices by the 10th of the following month, with a second of their purchase invoices by the 15th. The GST Council has finalised a four-tier GST tax structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods, including luxury cars, SUVs and tobacco products.

The GST Council cleared six rules which included anti-profiteering rules as well.

However the minister added that "a number of companies and trade have been raising the issue of lack of preparedness". Isaac, however, said that the check posts would be still be in existence in Kerala until the e-way was functional. GST is an initiative to create "one nation, one tax, one market", he says.

"It will have a sunset clause of two years", Adhia said.

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As per the draft e-way bill rules, any good costing Rs 50,000 will have to be registered with GST Network for inter- and intra-state movement to plug tax evasion.

The GST Council will consider on June 30 the state's other demands including a tax for ayurveda medicines on a par with modern medicines, an increase in taxes for cosmetics and a decrease in tax for bamboo products.

A standing committee of nine members, consisting of state, central and GST Council officials, will examine complaints that will be passed on to the Director General Safeguards for investigation. "Council decided categorically it will be implemented from 1st July onwards".

"Till a consolidated rule is framed by consesnsus, the transient rule will continue", Jaitley said on the e-way bill issue. Earlier, it had proposed to levy 28 per cent on hotel bills exceeding Rs 5,000. The GST - a uniform levy across the country - will be rolled out at midnight on June 30, ahead of which the council will meet again.

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The Council also decided the threshold limit for the composition scheme for special category states.

'Don't have luxury of time to defer GST': Jaitley