GST: Deadline for filing sales returns extended to October 10

The current income tax regime places a relatively higher burden on the middle class especially the salaried

The Goods and Services Tax (GST) Council on Saturday reduced the tax rates on a number of goods used daily by the people.

The Goods and Services Tax Council slashed rates on more than 40 items and revised the cess on many vehicles during the meeting in Hyderabad on Saturday.

The date of implementation of the additional cess will be notified later.

"It hit millions of small powerlooms as the GST tax structure has been designed only to help integrated plants in this sector. Imports will increase and we would be left out of the competition for exports." he said.

The council corrected a major anomaly on luxury and other vehicles by hiking the cess to 7% on SUVs and 5% on big cars, including luxury cars. Hybrid cars were also given an exemption. "With this increase in cess now, the prices are bound to leap back to the pre-GST regime, in some cases higher than the pre-GST regime, thus negating altogether the benefits of GST regime", he added. This cess has been hiked to up to 25 per cent now on certain categories. This industry leaders said would take the taxes on these cars to pre-GST levels and would mean a hike the prices of their cars.

Unbranded food items are exempted from GST, whereas branded and packaged food items attract 5 per cent rate.

Additionally, the revenue department will apprise the council of the taxes collected under GST for July as well as issues related to return-filing faced by taxpayers. It extended the deadline for filing of returns.

"Overall GST collection has been robust so far, " he said.


GSTN on "two-three occasions got overloaded". These are transient challenges and glitches in technology.

The panel will "consist of ministers who will interact with GST to ensure a smooth transformation", Jaitley said.

Chief Minister K. Chandrasekhar Rao had already briefed Jaitley during the former's recent visit to Delhi about the difficulties the State would face if the tax slabs finalised for the ongoing projects were continued. He said a section of food industry was getting their registered trademark deregistered and was selling the food items either under a deregistered trademark or under corporate name. Subsequently, an Ordinance promulgated and the council today looked into the quantum of hike. He also advocated for lower GST rate on granite, marble industry and the beedi sector.

Jammu and Kashmir Finance Minister Haseeb Drabu came out with an idea to set up a small group of ministers to examine the issue of technical glitch in GST network.

Also, filing of GSTR-2 for July will have to be done by October 31, and GSTR-3 by November 10.

"For GSTR-1,2,3, we are giving a long rope and we are staggering the return filing date for July", Adhia said.

"Cess on cars with seating capacity above 10 but up to 13 as well as hybrid cars will remain unchanged", Jaitley said. The cess goes to a fund meant to compensate states for revenue losses in the first five years of the GST regime.

Related:

Comments

Latest news

The Witcher 3 Going 4K on Consoles This Year
The company did so after a logo for The Witcher 3 appeared on an "Xbox One X Enhanced" slide in Microsoft's Xbox E3 presentation. The game will not only get a PS4 Pro patch, but one for Xbox One X, too.

Manchester United vs Stoke - Lineups and Stream Links
Man Utd: De Gea 7, Valencia 8, Bailly 5, Jones 5, Darmian 6, Matic 6, Pogba 6, Herrera 6, Mkhitaryan 7, Rashford 7, Lukaku 7. But a manager who builds his team around discipline and organisation will be unimpressed with the two goals United conceded.

Jose Ramirez fails to get a hit but the Indians keep winning
He's 14-6 with a 3.53 ERA and a 3.28 fielding independent pitching (FIP) this season, and has struck out 27.9% of hitters faced. Cleveland still has a bit to go before claiming the overall major-league record, though.

Bengals reportedly give contract extension to Vontaze Burfict
Burfict, 26, is now playing under the final year of a four-year, $19 million extension he signed with Cincinnati back in 2014. Thanks to numerous fines and suspensions during the first five years of his career, Burfict has lost out on $805,400.

President Ilham Aliyev embarks on visit to Kazakhstan
As previously reported, on September 10-11 Astana will be hosting the first OIC Summit on science and technology. President Mamnoon thanked the Turkish president for support on Kashmir issue.

Other news