‘Don't have luxury of time to defer GST': Jaitley

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Putting to rest the speculations that the implementation of GST could be deferred, Finance Minister Arun Jaitley on Sunday said the new tax regime would be launched on the midnight of June 30 and July 1 at a function in New Delhi.

Finance Minister Arun Jaitley

Addressing the media, Jaitley said hotel rooms costing Rs 2500-Rs 7500 will be taxed at 18% while those above Rs 7500 will attract levy of 28%.

"GST on restaurants in these hotels will be at par with other air-conditioned restaurants (18%)," news agency ANI quoted the finance minister as saying.

He said state run lotteries will be taxed at 12% of the face value while the state authorised lotteries would attract a tax of 28%.

Business chamber Assocham had earlier asked the central government to defer the implementation of the new GST regime.

Assocham pitched its case by quoting the GSTN (GST Network) CEO, who has said that the network might not be fully operational by July 1, 2017.

Apart from the GSTN issues, Assocham in the letter pointed out that many existing assesses have not entirely migrated to GST.

Hailed as the the country's biggest tax reform since Independence, GST will unify Asia's third largest economy into a common market, eliminating a string of central and state levies.

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