Amitabh Bachchan is Narendra Modi government choice to promote GST

GST market watchers consumers

The governing body responsible for overseeing India's goods and services tax (GST) system, announced a new dual tax rate on lottery tickets on Sunday, right before the confirmed July 1 roll-out of the new indirect tax regime.

(A) 162/2017 was issued on June 6 and said that the amended Goods and Services Tax would come into operation on July 1, 2017.

Once fully up and running, the GST would 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 sale invoice for August, the companies will have to file it by September 20 with the GST network as against September 10, according to the revised timeline.

"GST on restaurants in these hotels will be at par with other air-conditioned restaurants, that is 18%", finance minister Arun Jaitley said after a meeting of the GST council in Delhi. In spite of solicitations pouring in from a few quarters to postpone the dispatch of GST, Finance Minister Arun Jaitley on Sunday had said the Center will go ahead with the rollout as arranged.

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

The Council also fixed the GST rate for state-run lottery at 12 per cent. State-authorised lotteries will be taxed at 28 per cent of face value, Jaitley said.

The Council also approved the anti-profiteering rules. "I hope we are not compelled to use it (anti-profiteering)", Jaitley said.

The digital products and services GST legislation was passed by the Senate in March and is set to take effect on 1 July this year. "GST is not just a tax, it is an initiative to unite the Indian market", the actor is seen speaking in the video. Rooms with higher charges will be taxed at 28 per cent.

Hasmukh Adhia, the revenue secretary of India's Ministry of Finance, took to Twitter to write: "The rumours about GST implementation being delayed are false".

But what is GST and how will it reform the current tax structure?

"Till a consolidated rule is framed by consensus, the transient rule will continue", Jaitley said on the e-way bill issue.

The agenda of the GST Council meeting here now underway includes discussion on postponing the requirement for filing returns under the GST as the IT infrastructure required for it is not yet ready.

The council will also likely approve draft rules related to advance ruling, appeals and revision, and assessment and audit along with GST rate for lottery, the only item without a rate till now. "However, since Maharashtra does not have a e-way bill facility, the state will not be implementing it", he said.



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