Sunday, 18 June 2017

GST Roll-out from 1st of July

GST Roll-out from 1st of July


Key take-outs from the 17th Meeting of GST Council held on 18th July*

1. *GST Council categorically decided to implement GST from 1st July*. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July.
2. *Relaxation in Return filing time-line for first 2 months*:
A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September.
3. GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter.
4. *Reduced tax rate for hotels with tariff between 5000-7500*:
Reduced tax rate of 18% will apply on the hotels with tariff between Rs. 5000 to Rs. 7500. Restaurants in these hotels will also be taxable at 18%.
5. *Tax rate on Lotteries*
State-run lotteries will be taxed at 12%
Private lotteries will be taxed at 18*
6. *Negative List of Composition Scheme*
Only 3 products have been added in negative list of Composition Scheme, which means for following 3 products composition scheme will not be available.
• Ice cream
• Pan masala
• Tobacco
7. *E-way bill* will be deferred and will be implemented later on once the rules for same will finalized. Till that time, an alternate e-way bill will be introduced to allow the state with their current system.
8. IGST rate of 5% on Ship with full ITC will be applicable.
9. GST Council also approved anti-profiteering rule.
10. *New Registration in GST will be commenced from 25th June.*

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