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.
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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.
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