|
|
GST: Two-slabs for lottery, hotel rooms
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 19 Jun, 2017
The GST Council on Sunday
unanimously agreed on July 1 rollout of the Goods and Services Tax
despite some pending issues, with Union Finance Minister Arun Jaitley
saying that India does not have the "luxury of time" to defer
implemention of the new indirect tax regime.
"The GST Council
categorically agreed on the implementation of GST from July 1," Jaitley
told reporters here after the penultimate meeting of the Council before
the single pan-India GST is officially rolled out on the midnight of
June 30, replacing the existing myriad central and state levies on both
goods and services.
"A number of companies and trades have been
raising the issue of the lack of their own preparedness. We do not have
the luxury of time to defer implementation of GST," he said, announcing
that the next meeting of the Council headed by him would be held on June
30.
Regarding the government's preparedness, Jaitley noted that
over 80 per cent registered entities have already received their
provisional GST registrations.
"If you take from the old system
of registrations, then there are 80.91 lakh assessees, of whom some will
get excluded. Registrations are going on satisfactorily and 65.6 lakh
have already taken provisional registration, which is good enough to
file returns," he said, adding that some new trades will come under the
GST for the first time.
In this connection, the Finance Minister
said that the Council has allowed businesses a relaxation of time for
the first two months (July-August) for filing their returns. These would
also need to submit only a simple declaration initially, and would have
time to furnish the exact "invoice-by-invoice data" later.
The
GST Council on Sunday also decided on a two-slab structure for taxing
lottery tickets, which Jaitley said proved to be a contentious issue.
While
state-run lotteries will be taxed at 12 per cent under the GST,
state-authorised private lotteries will attract tax at the highest rate
of 28 per cent.
The Council deferred a decision on e-way bills
due to lack of consensus, which means states which have an e-way bill
structure in place can continue with it, while others are exempt.
"Till a consolidated rule is framed by consesnsus, the transient rule will continue," Jaitley said on the e-way bill issue.
E-way
bill is an electronic way bill for movement of goods which can be
generated on the GST Network (GSTN) portal. Movement of goods of more
than Rs 50,000 in value cannot be made by a registered person without
an e-way bill.
The e-way bill will be optional under the Goods and Services Tax, as decided by the GST Council.
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.
He also said that commercial tax from all border posts will be removed from July 1 with the implementation of the GST.
Ramakrishnudu
also said that the Council turned down all the other representations
for revision in rates, after it had agreed to revision for a numeber of
items at its previous meeting here on June 11.
Maharashtra Finance Minister Sudhir Mungantiwar said that the e-way bill will be optional under GST.
"States
which have an e-way bill structure in place can continue with it.
However, since Maharashtra does not have a e-way bill facility, the
state will not be implementing it," he said.
The Council also
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, Jaitley said.
He revealed that only three states -- Tamil
Nadu, Punjab and Jammu and Kashmir -- are still to complete their
necessary legisaltive formalities for implementing the GST regime.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|