1. The official launch of the GST will take place on the midnight of 30th and 1st at a function in Delhi

2. Relaxation in Return filing time-line for first 2 months: A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September.

3. GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter.

4. 28% limit in hotels will start from Rs 7,500; between Rs 2,500- Rs 7,500 the rate will be 18%.

5. GST on restaurants in these hotels will be at par with other air-conditioned restaurants (18%)

6. State run lotteries will be taxed at 12% of the face value and state authorised lotteries at 28%

7. GST Council cleared 6 rules, including anti profiteering. An anti-profiteering body will also be setup for 2 years

8. There will be further consultation on e-way bills, till then an alternative or transient rule will prevail

9. Traders to get relaxation on filing of returns

10 . IGST rate of 5% on Ship with full ITC will be applicable

The next GST Council meet will happen on June 30th, just before the big July 1st roll-out.

Nitika Bansal

I will regularly provide update on direct tax and indirect tax