india to allow late filing in first two months of gst
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

India to allow late filing in first two months of GST

Arab Today, arab today

Arab Today, arab today India to allow late filing in first two months of GST

India's Finance and Defence Minister Arun Jaitley
New Delhi - Arab Today

India will launch a new national Goods and Services Tax (GST) as planned on July 1, Finance Minister Arun Jaitley said on Sunday, but will let companies file late returns for the first two months so that they can adapt to a new online filing system.
The GST, the biggest tax reform in India’s 70-year history, will require firms to file three online returns each month. Some business lobby groups have urged a delay to the rollout to allow more time to get ready.
Jaitley, speaking after a meeting of a GST coordination panel, said there would be “a slight relaxation of time” covering July and August before the strict GST filing timetable would apply from September.
Companies would be able to file simplified, aggregate returns in July and August, with a deadline of the 20th of the following month, said Hasmukh Adhia, a Finance Ministry official steering the launch of the tax.
Once fully up and running, the GST would require companies to file a complete return of their sales invoices by the 10th of the following month, with a second of their purchase invoices by the 15th. A third return would calculate their tax bill.
“Relaxation for filing transaction-wise returns in July, August ... will provide relief to the industry,” said Harishanker Subramaniam, head of indirect tax at EY India.
The GST marks a technological leap forward for India — it will be driven by an IT back end that can process up to 5 billion invoices a month. It also poses a huge challenge for larger companies to remodel their business process, while many small-time traders lack the technological know-how to cope.
More than 6.5 million businesses have already signed up for the GST, Jaitley said, more than four-fifths of those already registered to pay India’s old business taxes.
At Sunday’s meeting, officials also agreed on several sets of GST rules, including anti-profiteering guidelines intended to prevent traders exploiting the reform to ramp up prices. The GST Council will meet again on June 30, the eve of the launch, Jaitley said.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india to allow late filing in first two months of gst india to allow late filing in first two months of gst

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india to allow late filing in first two months of gst india to allow late filing in first two months of gst

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday