New Delhi sources have stated that through the country for all products and services will be given tax exemption based on GST which will be implemented from July 1. The GST Council had stated that two months grace period is given for business people and companies to show their annual accounts.
GST council's 17th meet was held yesterday at Vinggyan Bhavan, where finance minister of all the States has participated in it. It was stated that business people and companies are not ready for GST and earlier it was stated that date for implementing GST should be delayed.
But currently, the business people and companies are given three months time to submit their sales accounts. As per latest report, it was stated that from September 5 to September 20 they can submit the accounts.
Meanwhile after the meeting, Finance Minister Arun Jaitley said that implementation date cannot be extended, instead, the business people are given two months time. From September strict GST rules will be followed. GST for gold and diamonds is fixed as 3% which is a new tax which will be implemented.
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