The official launch of the goods and services tax (GST) is slated for mid-night of June 30 and July 1. Photograph: (Reuters)
The GST Council, in its 17th meeting, decided to give a relaxation of two months to file returns taking into consideration any lack of preparedness.
"To obviate any lack of preparedness, a slight relaxation of time for two months -- July-August -- has been given. From September, strict adherence to time will go on," Finance Minister Arun Jaitley told reporters here today.
The decision comes in the wake of industry asking for the deferment of the indirect tax regime
The Council also decided to tax hotels costing above Rs 7,500 at 28 per cent from the earlier Rs 5,000. This would mean hotels costing between Rs 2,500-7,500 will be taxed at 18 per cent.
The Council decided to tax the state-run lotteries at 12 per cent while the state-authorised ones at 28 per cent.
In a major move, the Coucil cleared the anti-profiteering rules as well.
"I hope we are not compelled to use it (anti- profiteering)," Jaitley added.
GST will come into effect on the midnight of June 30 and July 1.
(With inputs from PTI)
The decision to relax the rules regarding return filing were taken in consideration of any lack of preparedness