The GST Council on Sunday successfully relaxed the overall return filing rules for every business for the first term of months of the recent indirect tax regime’s rollout while it jammed to the first July launch date.
Even though the industry pushes for the postponement of the tax implementation, there are some necessary steps taken by the Government of India. As the biggest and the most important tax reform in the history of India, the GST requires firms to file three online returns every month. Every business lobby group in recent times has urged a postponement to the rollout to let further time to prepare.
According to the amended return filing period decided by the commission board for July, the sale returns will be filed by 5 September instead of 10th August. All registered companies in the nation have to pass their complete sale invoice for August with the GST Network by 20th September rather than 10th September. Finance Minister Arun Jaitley has revealed a wide range of things associated with the most recent amendments in the return filing rules by the GST council. A slight relaxation for a couple of months July and August has been given to prevent any lack of preparedness. On the other hand, there will be a strict devotion to time will go on from September.
The GST Council has decided to increase the threshold for 28% tax to Rs. 7500 instead of Rs. 5000 at this time for AC hotels. This relief for AC hotels play a leading role behind changes in the cost of accommodation and its related services. There will be an 18% GST levied on bills range between Rs. 2,500 and 7,500.
The council has planned to tax lotteries in two segments attracting 12% GST for the state-run ones and 28% for the state authorized ones. This council has cleared 6 regulations including anti-profiteering.