KTR attends GST Council meeting

Industries Minister K. Tarakarama Rao on Sunday demanded that the Central Government exempt Beedi industry, granite industry,  irrigation and drinking water works from GST.

KTR, who represented Telangana State in the GST Council meeting held at New Delhit today under the chairmanship of Union Finance Minister Arun Jaitley, demanded certain exemptions from GST. He also demanded reduction in taxes on handloom and readymade garment.

Meanwhile, with the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR – 1 would have to be filed for the month of July and August, 2017.

No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system. This not only underlines the government’s commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.