Once fully up and running, GST will 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.
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.
Union Finance Minister Arun Jaitley, after the 17th GST Council meeting on Sunday, said, "The official launch of the GST will take place on the midnight of 30 June and 1 Julyat a function in Delhi". "From September, strict adherence to time will go on", Finance Minister Arun Jaitley told reporters. "Rooms with tariff above Rs 7,500 will attract 28 per cent tax", according to the news agency. Restaurants in five-star hotels will have the same tax as air-conditioned restaurants at 18 per cent.
The GST Council has also reiterated that the GST Network (GSTN) would re-open the registration portal from June 25 for seeking new registrations, thus ensuring the business are all on-board for GST. "I hope we are not compelled to use it", he said.The Council made a decision to put a two-year sunset clause for the anti-profiteering provision, Revenue Secretary Hasmukh Adhia said.
The Centre plans to roll out the GST, which will subsume a number of central and state's taxes like excise duty, service tax and Value Added Tax (VAT), from July 1.
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That is why I ordered a public inquiry, with the costs for providing victims with legal representation met by government. A second protest began later at Britain's Home Office, which oversees fire prevention and policing nationally.
Others were infuriated that this would be implemented on the same day as the Tourism Tax.
Rajeev Dimri, Leader, Indirect Tax, BMR and Associates LLP said: "This measure should significantly help in assuaging the concerns of inadequate readiness of GSTN being faced by the industry and confirms that preparedness of GSTN will not be a roadblock for the implementation of GST as was being anticipated by the industry".
But what is GST and how will it reform the current tax structure?
Suppliers with an Australian turnover of $75,000 or more in a 12 month period would be required to register and charge GST under the plan.
Isaac lashed out at the attempts to lower taxes on lotteries in the GST Council meeting in New Delhi on Sunday. Jaitley said that barring Uttarakhand, which has opted for a Rs 75 lakh threshold for the composition scheme, and Jammu & Kashmir, the Rs 50 lakh threshold will continue for all other special category states.