17th GST Council meeting highlight, government ready to roll out GST from July 1

Input from 17th GST Council meeting held at New Delhi on 18 June 2017-

  • The official launch of the GST will take place on the midnight of 30th and 1st at a function in Delhi
  • Council decided that for 1st two months of GST, tax would be payable on a simple return
  • Return will contains summary of outward, inward supplies which will be submitted before 28th of succeeding month
  • No late fees & penalties will be levied for interim period
  • GST rate of 18% applicable for hotel rooms between Rs. 2,000 to Rs 7,500  and 28% limit in hotels will start from Rs. 7,500
  • Tax rate on state-run lottery at 12%, govt-authorised private lottery at 18%
  • GST anti-profiteering body will be set up in July for 2 years
  • GST network to take 4-5 months to prepare E-way Bill

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