Government May Increase Import Duty On Certain Power Items To Boost Domestic Manufacturing

The move would also help promote the government's ambitious 'Make in India' initiative.

The spike in petrol rates in the international market has impacted the cost of the fuel in India, the Union Oil Minister said.

About 59 per cent of the respondents were of the view that multiple outdated deductions would be replaced with a standard deduction in order to reduce the tax burden of employees.

GSTR-3B is a simple return form meant to capture details of outward and inward supplies.

Ahead of the Budget 2018, the most recent GST Council meeting was held in Delhi this week headed by Finance Minister Arun Jaitley. The council made a number of revisions to the tax rate on 20 items including used vehicles. Under the revised decision, the new GST rates on used vehicles has been reduced, while cess was removed across several categories. The move is a bi...

GST rates on 29 goods and 53 services have been revised after the GST Council meeting in Delhi.

India slashed tax rates on some goods and services just days ahead of the country's budget, as it continues to rationalize its six-month-old regime to ease the pain for businesses hit by its chaotic roll out.

The GST Council also considered simplification of the return filing process during the meeting.

The GST Council decided to reduce GST rate on tailoring service from 18% to 5%.

Nandan Nilekani, the Infosys chairman brought in by the government to simplify the process of filing GST returns, made a long presentation at the meeting of the powerful Goods and Services Tax Council. There has been no decision on the changes that will be made but Finance Minister Arun Jaitley said the council had a clear sense of the direction that they will take.

Briefing reporters after the meeting, Jaitley said the next GST Council meeting may consider bringing items like crude oil, natural gas, petrol, diesel, ATF and real estate within the GST purview.

The GST Council in its 25th meeting also considered simplification of return filing process, the finance minister said.

Retailers have asked the government to simplify GST system and grant industry status to the sector for easier access to finance and attract more investments.

The new infrastructure can handle generation of 40 lakh e-way bills per day, GSTN said in a statement.