GST to rollout on July 1, two-slabs for lottery, hotel rooms

GST to rollout on July 1, two-slabs for lottery, hotel rooms

"The GST Council chose to roll out (GST) from the July 1", union finance minister Arun Jaitley, also council chairman, told reporters on Sunday.

The biggest tax reform since independence, GST will be rolled out on the midnight of June 30 and make India a single market for seamless movement of goods and services. 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.

Earlier on Saturday, industry association Assocham had written a letter to finance minister Arun Jaitley demanding GST be postponed.

In relief for AC hotels, the Council chose to raise the threshold for the 28 per cent tax to RS 7,500 from Rs 5,000 at present.

Construction of flats, complex, buildings will attract a 12 per cent goods and services tax (GST) compared to about 11 per cent tax, which includes excise duty, VAT and service tax.

The Council cleared six draft rules including those against profiteering. "I hope we are not compelled to use it (anti- profiteering)", Jaitley added.

Another trader Krishna Kumar Bangard said, "The traders' community does not have any issues with paying taxes which we are paying happily".

The GST is scheduled to be rolled out from July 1 and tax rates have already been fixed for nearly all goods and services.

Further, eBay pointed out that the proposed legislation bears a striking resemblance to the Government's so-called "Netflix Tax" - the Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016 - which sees the GST applied consistently to all supplies of digital products, such as software, and other imported services to Australian consumers.

A women cover her faces with anti-Goods and Services Tax (GST) placards during a protest as they gather in front of Parliament House in Kuala Lumpur, Malaysia on October 25, 2013. Taxes paid at each stage will be available in the next stage of value addition, thus with the implementation of the GST, a tax will only be paid at value addition at each stage.

It comes nearly two years after the former treasurer Joe Hockey announced the plan in August 2015.

The Council deferred a decision on e-way bills due to lack of consensus, which means states which have an e-way bill structure in place can continue with it, while others are exempt. Following GST implementation, this non-compliance is going to reduce, because traders need to declare more transactions, in order to avail the credits paid earlier. "The Council decided categorically it will be implemented from July 1 onwards".

Jaitley said the the council will meet again on June 30, the eve of the launch, and hold consultations on e-way bills.

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