Tag: Business

GST- Late Filing Allowed for the 1st 2 months.

Under The GST, the biggest tax reform in India’s history will require firms to file three online returns each month. Some business lobby groups have urged a delay to the rollout to allow more time to get ready.

The government relaxed the filing dates it will allow companies to file late returns for the first two months so that they can adapt to a new online filing system.

GST- Reduction of tax on Hotel/ Luxurious Rooms.

The GST Council considered the revision of tax on hotel rooms and decided that while those in the range of Rs 2,000-Rs 7,500 a day tariff would face 18 per cent tax, rooms with daily tariff above Rs 7,500 would be taxed at 28 per cent. Restaurant service in 5-star hotels would attract 18 per cent tax.

GST revised rules time sought for 1st filing of invoices

Reiterating that preparations are in full swing for rolling out GST on Jul 1, CBEC said that, along with the states, the department has increased its outstretch programmes on the forthcoming Indirect tax regime to reach the “last trader”.

Some GSPs urged the GSTN to defer the date by which business taxpayers must file invoices by at least a month from August to September, to allow GSPs to carry out testing and security compliance based on revised rules.