India will launch a new GST on July 1 said Finance minister Arun Jaitley but will let companies to file late returns for the first two months so that they can adapt to a new online filing system.
Some business lobby groups have urged to allow more time to get ready.
Jaitley after meeting said there would be a slight relaxation of time and strict GST filing timetable would apply from September.
“Companies would be able to file returns in July and August with a deadline of 20th of the following month ” said Hasmukh Adhia ,a Finance Ministry official.
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 gives relief to the industry ” said Harishanker Subramaniam , Head of Indirect tax.
More than 6.5 million businesses have already signed up for the GST said Jaitley.
After Sunday meeting, Officials also agreed on GST rules and GST council will meet again on June 30 said Jaitley.