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  3. GST council fixes most of the nagging issue at its 17th meeting

GST council fixes most of the nagging issue at its 17th meeting

19 Jun 2017 Evaluate

The Goods and Services Tax (GST) Council at its 17th meeting fixed some nagging issues and the government put at rest the speculation about a possible delay in GST rollout. The council also approved the creation of an anti-profiteering authority that will exist for two years. It will take the final call on whether a company has engaged in profiteering. If it has, the amount will have to be refunded to consumers and if that’s not possible, given to the consumer welfare fund.

The Council also decided to defer the dates of filing the detailed return for July and August also approved the rules for advance ruling, appeals and revisions, assessment, anti-profiteering, and fund settlements. Revenue Secretary Hasmukh Adhia said that the current dates are that the GSTR 1 form, with invoice-wise details, has to be filed by the 10th of the month following the assessing month, but, to give some relief to businesses getting ready, we have decided to introduce a new form GSTR 3B that will need to be filed by August 20 for July and September 20 for August.

In its other decisions, the council decided to increase the room tariff threshold, above which the luxury rate of 28% will apply, to Rs 7,500 from the Rs 5,000 decided earlier, that means that hotel rates between Rs 2,500-7,500 will be at 18%.  Some States, especially Goa and Rajasthan had made representations for the relook of the rates on hotels.It also decided that State-run lotteries will fall in the 12% tax bracket, while all others will be taxed at 28%.

The contentious E-way bill was discussed at length but could not be finalised because of divergent opinions among states. The E-way draft bill mandates that any transfer of goods over Rs 50,000 will need an E-way permit for transfer within and outside a state. Finance minister Arun Jaitley said until a final decision is taken, existing provisions would prevail.

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