New Delhi, June,18: India will turn into one market at the stroke of mid-night between June 30 and July 1, with the rollout of the unified GST along with liberal tax filings rules for first two months to tide over any teething issues.
Finance Minister Arun Jaitley assured the nation that the IT network backbone has been adequately tested and systems are in place for implementation of the goods and services tax.
Jaitley said that we don't have the luxury of time to defer GST implementation. The official launch of the GST will take place on the midnight of June 30 and July 1.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
"To obviate any grievance or any lack or preparedness, a slight relaxation of time for the first two months that is return in the month of July and August was discussed and from September, strict adherence to the time will go on," Jaitley made it clear. "That means after relaxation those who are not ready will get two and a half months to get ready. If somebody still says he is not ready, it would be to his own detriment."
No late fees and penalty will be levied for the interim period and the returns will have to filed by businesses with self-declaration, stating the input credit claimed and the tax liability pursuant to that.
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