etvfutures.com
etvfutures.com June 23, 2017


GST Council sets tax rates for lotteries, hotels

19 June 2017, 02:29 | Opal Carroll

Relaxation in return filing procedure for first 2 months of GST implementation

GST: Grievances, Controversial Bills On The Agenda Today

"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.

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 .


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

Justin Thomas shoots record-equalling 63 at US Open
The experience of building on an opening-round 59 will help, he said. "Everything I read says that I hit it super short", he said. With the likes of Dustin Johnson , Rory McIlroy , Jason Day and Jordan Spieth missing the cut at the U.S.

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 ".

Trump lashes out at 'bad,' 'conflicted' Russian Federation investigators
Flynn was dismissed by Trump in February after it emerged he had misled Pence about conversations with the Russian ambassador. The memo to former transition team members on Thursday also seeks specific information on five people, the Times reported .

Transformers Bumblebee Spin-off Movie will be set in the 80s
Mark Wahlberg will lead the star-studded red carpet at the United Kingdom premiere of Transformers: The Last Knight tonight. The 52-year old director admitted that the movies in the franchise are "massive movies" that "take a lot out of you".

Macron's party secures majority in French parliamentary elections - polls
Foreign Minister Sigmar Gabriel also welcomed the vote's outcome, tweeting that it paved "the way for reforms in France+Europe". Jean-Luc Mélenchon's far-left France Insoumise (France Unbowed) movement, together with the communist party, won some 30 seats.

Amazon buying Whole Foods, making strong move into groceries
The news might come as a shock to some, but Whole Foods investor Jana Partners suggested the acquisition earlier this year. Amazon could also get a better picture of customers by marrying data from Amazon and Whole Foods' loyalty programs.

Jurors in Bill Cosby trial deadlocked, judge orders them to try again
The case has already helped demolish his nice-guy reputation as America's Dad. "That's the question", said criminal lawyer Alan J. That prompted O'Neill to ask the comedian on Friday whether he understood that a hung jury would allow prosecutors to retry him.

Stocks in Focus;) Energy Transfer Partners (ETP), Barrick Gold (ABX)
ValuEngine cut Energy Transfer Equity, L.P. from a "buy" rating to a "hold" rating in a research report on Friday, June 2nd. Looking out over a next 5-year period, analysts expect the company to see its earnings go up by 14.13%, annually.

Qatar, US sign $12 b military deal amid gulf crisis
Qatar is the richest nation on the planet in per-capital GDP, but a very small nation to be spending $12 billion on warplanes. Visiting Kuwait on Thursday, Turkish Foreign Minister Mevlut Cavusoglu said Qatari officials denied causing the crisis.

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.