Amitabh Bachchan explains how GST would help India
Jun 20 2017
As the GST Council meets to finalise issues before the Goods and Services Tax (GST) is implemented from July 1, industry lobby CII said on Sunday that Indian industry is ready for the rollout of the pan-India indirect tax regime.
The deadlines for submitting invoice-wise details in regular GSTR - 1, the government said would have to be filed for the month of July and August as per the below timelines. Union finance minister Arun Jaitley was right to say it will be a celebration at midnight.
It also decided that hotel rooms costing more than Rs 7,500 a night will be taxed at 28 per cent under GST; rooms with tariffs in the range of Rs 2,500-Rs 7,500 a night will be taxed at 18 per cent.
The new taxation rate will put private lotteries in the same tax slab as other "luxurious" activities from the entertainment industry, including renting hotel rooms at tariffs over Rs 7,500 ($116), entries to land-based casinos, and even theme park services.
The Council made a decision to tax lotteries in two segments - with state-run ones attracting 12 percent GST and the state-authorised 28 percent. "I hope we are not compelled to use it (anti-profiteering rule)", Jaitley said. "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.
Other service providers also said that this move will help GSPs be better prepared for the GST rollout. "It is a major challenge and government should devise a way through which traders can make digital compliance as required under GST", CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal said. The GST implementation committee, consisting of four state government officials, four central government officials, and one GST Council member, will function as the standing committee to look into anti-profiteering complaints.
The tax rate at restaurants attached to star hotels has been fixed at 18 percent.
The GST, the biggest tax reform in India's 70-year history, will require firms to file three online returns each month.
The Council also decided the rates on some remaining items.
"The GST Council categorically agreed on the implementation of GST from July 1", Jaitley told reporters here after the penultimate meeting of the Council before the single pan-India GST is officially rolled out on the midnight of June 30, replacing the existing myriad central and state levies on both goods and services.
Jaitley expressed confidence that GST laws from all pending states shall be in place by the end of next week.