Defer GST rollout as IT network not ready: Assocham to FM
- Author: Zachary Reyes Jun 18, 2017,
Jun 18, 2017, 22:01
Industry body CII on Sunday said India Inc is ready for the GST implementation from July 1, as the new indirect tax regime will contribute significantly towards economic growth, job creation and exports expansion.
The GST Council, chaired by Jaitley and comprising state finance ministers, will meet tomorrow to finalise rules on e- way bill and anti-profiteering provisions as well as review rates on certain items.
"The GST Council relaxes return filing timelines for July and August", said Mr. Jaitley. Swamy said that it is a big setback for them.
"Much needs to be done at the level of empowerment of small businesses with technology as about 60 per cent of the traders still have not adopted computerisation. We do not have the luxury of time to defer implementation of GST", he said, announcing that the next meeting of the Council headed by him would be held on June 30. 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. A summary statement of self-declared tax liability is required to be filed in Form 3B by August 20 for July and September 20 for August. Restaurants in five-star hotels will have the same tax as air-conditioned restaurants at 18 per cent.
Ansh Bhargava, Senior Consultant, Taxmann.com said: "It is a welcome decision by the GST Council on the filing as it would allow taxpayers to get accustomed and adapt to the new system of taxation".
At Sunday's meeting, officials also agreed on several sets of GST rules, including anti-profiteering guidelines meant to prevent traders exploiting the reform to ramp up prices.
"States which have an e-way bill structure in place can continue with it".
While the Goods and Service Tax (GST) is slated for a July 1 roll-out, some crucial issues regarding industries besides special reference to Assam and northeast are still unclear, said Buragohain.