GST Council in its 17th Meeting held on 18 JUN 2017 -Updates

GST Council in its 17th Meeting held on 18 JUN 2017 (SUN) approved the following:

● Relaxation in Return filing time-line for first 2 months: A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. Jul and Aug by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th Sep.

● GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter.

● 28% limit in hotels will start from Rs.7,500; b/w Rs.2,500- Rs.7,500 the rate will be 18%. GST on restaurants in these hotels will be at par with other air-conditioned restaurants (18%).

● State run lotteries will be taxed at 12% of the face value and state authorised lotteries at 28%.

● The official launch of the GST will take place on the midnight of 30th and 1st at a function in Delhi.

# CAPITAL MARKET: Foreign investors have pumped in a staggering US$ 3.55 billion in Indian capital market in June so far due to finalisation of GST rates and forecast of a normal monsoon.

# BANKS: After the SBI Merger, Govt wants 4 more PSBs to merge and become global biggies.

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