India’s tryst with its most comprehensive indirect tax reform, the goods and services tax (GST), will begin on July 1. The GST Council, the apex decision body for the new tax, has stuck to the scheduled rollout. But the norms for filing returns have been relaxed until September to ensure that the transition doesn’t hurt small traders and others who may not be ready for the new regime. The relaxation in filing of returns until September will mean no late fees or penalties. Traders will have time until July 20 to pay tax based on a simple return while invoice details can be filed from July 15 onwards. The registration window will open from June 25 for new registrants as also those migrating from the existing tax system to GST. A standing committee of nine members, consisting of state, central and GST Council officials, will examine complaints that will be passed on to the Director General Safeguards for investigation.  The anti-profiteering authority, which will be set up soon, will take the final call on whether a company has engaged in profiteering.

(Economic Times)