April 25, 2018

GST Council sets tax rates for lotteries, hotels

19 June 2017, 02:29 | Opal Carroll

GST Council sets tax rates for lotteries, hotels

GST Council sets tax rates for lotteries, hotels

"The GST Council relaxes return filing timelines for July and August", said Mr. Jaitley.

Companies will have to file sale invoice for August with the GST Network by 20 September instead of 10 September earlier.

Rajeev Dimri, Leader, Indirect Tax, BMR and Associates LLP said: "This measure should significantly help in assuaging the concerns of inadequate readiness of GSTN being faced by the industry and confirms that preparedness of GSTN will not be a roadblock for the implementation of GST as was being anticipated by the industry".

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

In the 17th edition of the GST council meet the panel discussed anti-profiteering, e-way bill rules, sets tax rate for lottery tickets, tax rates for hotels and for restaurants in hotels.

The Council chose to tax lotteries in two segments, with State-run ones attracting 12 per cent GST and the State- authorised 28 per cent. He further announced that the official launch of GST shall take place at midnight on June 30. "We believe that industry deserves some more time and assistance to get prepared for GST implementation", Assocham said.

Fowler back in the thick of it at US Open
Open, especially since this is the longest course, at 7,741 yards, that has ever hosted a major. Open since Vijay Singh in 2003 at Olympia Fields and the fifth overall in tournament history.

As for the e-way bill, the GST Council was divided on the issue and chose to allow states to continue with their existing system. Till then states would continue with existing systems.

"State Finance Minister Dr Haseeb Drabu should be reminded of his own write-ups and statements against", said Mattu. The provisional ID number will be the same for GSTIN (GST identification number). "They will have 30 days for GSTIN", Jaitley added.

The compliance burden and the tax's complex structure - it has four main rates ranging from 5 to 28 percent - have sparked fears of initial chaos. However, Uttarakhand will have it at Rs 75 lakh.

As per the draft, it is GSTN that would generate e-way e-way bills valid for 1-15 days, depending on distance to be travelled - one day for 100 km and 15 days for more than 1,000 km transit.

Jaitley said that no decision could be made today regarding the IGST on shipping vessels at 5 per cent.

"Everything is ready. We will roll out on July 1", he said in an interview at his office in North Block, a sandstone edifice in the heart of New Delhi dating from the British colonial era. West Bengal has already passed an ordinance, Punjab I hope will pass it. Kerala also. "All states will be through by the end of the coming week".

Other News

Trending Now

Oprah Winfrey throws a Wonder Woman theme party
With all the hype surrounding Wonder Woman , we've seen some pretty badass merch and some uber-adorable fan cosplay, too . Amid the massive success of her film Wonder Woman , Gal posted a strong, beautiful, and makeup-free selfie.

Cowell planning charity song for fire victims
Stormzy , Liam Payne and The Who will perform on a charity single to raise money for the victims of the Grenfell Tower disaster. One of Cowell's phone calls could also be to Adele. 'I feel honoured to be a part of it so to be here today is really important.

North Korea: US officials seized diplomatic package at JFK
It added that the ministry also asked the global community to "seriously reconsider" NY as a venue for major worldwide events. Warmbier was suffering from severe brain damage, indicating he may have been tortured while in North Korean custody.

Morales, Martin help Blue Jays beat White Sox to snap skid
In the end, it didn't matter. "It was the second good one in a row for Happ", Gibbons said. "It doesn't affect my job", he said. The ball is flying, some pretty good hitters, they swing it over there, they've got some big strong dudes who can do that.

Trump's friend Christopher Ruddy says President 'considering' firing Mueller
Rosenstein , who has been on the job for six weeks, said only he could fire Mueller, and only if he found good cause to do so. Rosenstein may be asked to address the issue when he speaks at a Senate subcommittee hearing Tuesday morning .

Crosby dominant in Penguins' Game 5 win over Predators
On the other hand, if the Penguins win Game 5, they'll probably get the chance to win the Cup on home ice in another Game 7. The Pittsburgh Penguins will be sticking with Matt Murray between the pipes for Game 5 of the Stanley Cup Final.

FIFA panel invites debate on 'radical' 60-minute game clock
Still, those were exactly the amounts of stoppage time added to the Russia-New Zealand game by referee Wilmar Roldan of Colombia. Pre-match handshakes in technical area for the two coaches and referee "as a sign of respect".

Even Marvel actors love Gal Gadot in DC's new 'Wonder Woman'
The Wonder Woman , is a DC Comics character of the same name and is the fourth installment in the DC Extended Universe. Superman " and " Suicide Squad ".

Smarter Siri and More Updates Arriving with iOS 11
Now, developer preview testers are highlighting new features that they have stumbled upon while using unstable iOS 11. This is clearly the most requested feature among vocal iPhone users on social networks and on forums like Reddit.

Justin Thomas shoots 63, trails Brian Harman by 1 at US Open
Thomas set the tone for his record-setting round when he holed a spectacular birdie putt on the fifth hole. He putted for birdie to move to 2 under for the day and 2 over for the tournament.