GST will rollout from 30th June midnight, certain exemptions in transitional phase.
17th GST Council meeting concludes, affirms rollout of GST from midnight of June 30 & July 1 while approving 5 set of GST Rules out of 6 viz.
Appeal & Revision,
Assessment and Funds Settlement Rules;
An alternate Rule to operate on E-Way Bill till consolidated one is fixed;
Hotel tariffs between Rs. 2000/- to Rs 7,500/- will attract 18% GST,
whereas 28% GST rate will apply to hotel tariff above Rs. 7,500/-;
2 GST rates for lotteries viz.
28% for private & 12% on State authorized lotteries;
Defers Returns filing due date for July & August to August 20 & September 20 respectively, introduces
Form GSTR-3B for said two months to be filed on self-declaration basis reflecting supplies and output tax liability;
GSTR-1 reflecting invoice wise outward supply details for July can be filed in the system by September 5, while that of August can be filed by September 20;
New businesses would get 30 days to register under GST from June 25;
FM Arun Jaitley says “want to use anti-profiteering only as a deterrent, hope not compelled to use it”;
Next GST Council meeting to be held on June 30 : FM Arun Jaitley