GST council relaxes return filing norms for two months post-rollout

New Delhi: The GST Council has relaxed return filing norms for businesses for the first two months of the rollout of the new indirect tax regime. It, however, stuck for the launch date to be fixed at July 1 while the industry has been pushing for postponement of the tax implementation.

The revised return filing norms state that the businesses will have to file their sales return by September 5. It could be recalled that the deadline earlier was kept at August 10.

Another extension has been provided in the form of filing the sale invoice for August with GST by September 20, while it was kept at September 10 earlier.

Finance Minister Arun Jaitley stated that the relaxation has been given to the businesses to avoid the lack of preparedness. The Finance Minister said, "To obviate any lack of preparedness, a slight relaxation of time for two months -- July-August -- has been given. From September, strict adherence to time will go on."

Also Read: GST to rollout on July 1, two-slabs for lottery, hotel rooms

"A number of companies and trade have been raising the issue of lack of preparedness. We don't have the luxury of time to defer GST implementation," Jaitley made it clear.

Other reliefs:

• Relief for AC hotels-- The Council has decided to raise the threshold for the 28 per cent tax to RS 7,500. It is Rs 5,000 at present. This relief will lead to an 18 per cent GST to be levied on bills of Rs 2,500-7,500.
• Lotteries to be taxed in two segments –The state-run lotteries will attract 12 per cent GST and the state- authorised ones 28 per cent.
• Six rules cleared-- Anti- profiteering being one of them The FM said "I hope we are not compelled to use it .’

It is to be recalled that the official launch of the goods and services tax (GST) is slated for mid-night of June 30 and July 1.