TRADERS GET 60 DAYS FOR GST RETURNS

New Delhi, June 18: India will turn into one market at the stroke of mid-night between June 30 and July 1, with the rollout of the unified GST along with liberal tax filing rules for first two months to tide over any teething issues.

Rejecting demands for deferment of the biggest tax reform since Independence, finance minister Arun Jaitley assured the nation that the IT backbone has been adequately tested and systems are in place for implementation of the goods and services tax. Mr Jaitley said: “We don’t have the luxury of time to defer GST implementation... The official launch of the GST will take place on the midnight of June 30 and July 1.”

The GST Council, which met here for the 17th time Sunday, also decided to fix the tax rate for AC hotels at 18 per cent where the billed amount is up to `7,500.