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Sunday, June 18, 2017

Goods and Services Tax(GST) - GST Council eases rules for return filing for July, August 2017

The Goods and Services Tax Council on Sunday June 18,2017  finalised two rates for lottery and also gave a partial relief to five-star hotels and their restaurants.
While sticking to the rollout date of July 1 for GST, Finance Minister Arun Jaitley announced relaxations for return filing by trade and industry for the first two months. “This will give the GST Suvidha Providers and assessees sufficient time to prepare their systems,” he said.
Accordingly, for July 2017, assessees will have to self declare and pay the GST through Form 3B by August 20 and for August by September 20,2017
While they will have to upload invoice-wise data on the GST common portal, the deadline for July has now pushed back to September 5 and for August to September 20. “No late fees or penalty would be levied,” said an official release.

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