GST to roll out from 1 July, firms get extra time to file returns

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The GST Council on Sunday paved the way for the implementation of the goods and services tax (GST) starting 1 July, but gave companies more time to file detailed returns for the first two months of July and August.

“We don’t have the luxury of time to defer implementation of GST. The council decided categorically that it will be implemented from 1 July,” finance minister Arun Jaitley told.

The official launch of the GST will be on midnight of 30 June at a function likely to be attended by Prime Minister Narendra Modi and state chief ministers in Delhi. The GST Council will meet on 30 June to take up any remaining issues, including that of e-waybills.

The GST Council also cleared anti-profiteering rules that are meant to compel firms to reduce prices of products that benefit from lower GST rates. A standing committee will be set up to screen individual complaints and refer them to the directorate general of safeguards which will investigate the matter. DG-Safeguards will further refer genuine cases to an anti-profiteering authority headed by a retired secretary that will ask the firm to either reimburse the money to consumers or deposit it in a consumer welfare fund, apart from reducing product prices.

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