Industry prepared for GST rollout from July 1: CII

The latest announcement comes almost a week after the GST Council revised downward tax rates for 66 items including movie tickets of Rs 100 and below, incense sticks, insulin, school bags, computer printers.

"The GST Council relaxes return filing timelines for July and August", said Mr. Jaitley.

"Therefore, it has been clearly stated by CEO that the return module will be ready only by end-July, which will be before August, the month of filing returns".

The Council also made a decision to tax hotels costing above Rs 7,500 at 28 per cent from the earlier Rs 5,000. 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.

As for the e-way bill, the GST Council was divided on the issue and chose to allow states to continue with their existing system.

Jaitley said the GST Council has cleared anti-profiteering and e-way bill rules.

The official launch of the goods and services tax (GST) is slated for midnight of 30 June and 1 July.

"GST on restaurants in these hotels will be at par with other air-conditioned restaurants (18%)", news agency ANI quoted the finance minister as saying.

The Council has already finalised tax rates on nearly all goods and services in the bracket of 5, 12, 18 and 28 per cent.

More than 6.5 million businesses have already signed up for the GST, Mr Jaitley said, more than four-fifths of those already registered to pay India's old business taxes.

"States which have an e-way bill structure in place can continue with it".

The government on Thursday had clarified that construction of flats, complex, buildings will have a lower incidence of GST as compared to a plethora of central and state indirect taxes suffered by them under the existing regime.

The Finance Minister said registration of tax payers was going on in a satisfactory manner. The Council also decided that Integrated GST (IGST) on shipping vessels will be 5 per cent with input credit. Tamil Nadu has their meeting tomorrow.

  • Zachary Reyes