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India to allow late filing in first two months of GST – Jaitley

Finance and Commercial Tax Minister Jayant Malaiyya met Union Finance Minister and GST Council Chairman Arun Jaitley at New Delhi on Saturday.Meanwhile, the GST Council also has to finalise the tax rate on lottery as a number of States like Kerala, Sikkim and Maharashtra earning significant revenue from lottery, official sources said it is likely to be put in the 28% slab keeping in mind it is mostly an item that does not fall under the rest three tax slab category.Finance Minister Arun Jaitley said that the GST Council has spent “several hours” in finalising the tax rates on lottery.The Finance Minister also said “The Government will roll out GST on July 1, next meeting of GST Council on June 30″.As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10.Briefing reporters here during a pause in the Council’s 17th meeting, Andhra Pradesh Finance Minister Yanamala Ramakrishnudu said that he has requested that textiles and fertilisers be exempted from the GST.However the invoice wise details in regular GSTR-1 would have to be filed for the month of July and August 2017.The Minister said that after multiple apprehensions came forth ahead of the special session of the legislature from trade community, consumers as well as political parties, the government chose to further deliberate on the issue to ensure ample safeguards are put in place to clear the public misgivings. “It also raises questions as to whether this system can survive in the GST era when it had undergone maintenance during the second phase of migration when the traffic was restricted only to migration”, Assocham Secretary General D S Rawat said.”We, Assocham, applaud the effort being made by the government to implement GST at the earliest”.Ansh Bhargava, Senior Consultant, Taxmann.com said: “It is a welcome decision by the GST Council on the filing as it would allow taxpayers to get accustomed and adapt to the new system of taxation”.Stressing the importance of meeting the deadline, the FM said, “We don’t have the luxury of time to defer implementation of GST”.”States which have an e-way bill structure in place can continue with it”.