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.

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.

GoodReturns.in