GST Set To Rollout From July 1

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The Goods and Services Tax (GST) would rollout from July 1, 2017, paving the way for this landmark legislation to finally come into force. The launch of the GST will be on the midnight of June 30, 2017 at a function that is likely to see Prime Minister Narendra Modi attend.

GST Set To Rollout From July 1
Filing of returns would also be given extra time until September. Finance Minister, Arun Jaitley, speaking after a meeting of a GST Council, said there would be "a slight relaxation of time" covering July and August before the strict GST filing timetable would apply from September.

Many industry bodies and traders had sought more time to enable error-free filing of returns and also to get accustomed to the GST Network (GSTN).

The GST Council which met provided a little relief for AC hotels, by raising the threshold for the 28 per cent tax to Rs 7,500 from Rs 5,000 at present. This would mean that an 18 per cent GST will be levied on bills of Rs 2,500-7,500.

The GST Council decided to tax lotteries in two segments -- with state-run ones attracting 12 per cent GST and the state- authorised 28 per cent.

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