On Goods And Services Tax, IMF Chief Economist Flags Implementation Woes

India does not take any decision under pressure from any country, Confederation of Indian Industry (CII) National President Rajiv Memani has said, asserting that New Delhi's interest will always be a priority as it nears a trade deal with Washington.

Cigarettes, carbonated drinks, and high-end cars are among items that may become more expensive if a proposal to replace the expiring compensation cess - in the Goods and Services Tax system - with cesses on health and clean energy.

After a series of income tax concessions earlier this year, the Centre is now preparing to extend relief to middle and lower-income households in the form of a reduction in Goods and Services Tax (GST), sources have said.

In what could be one of the biggest GST frauds uncovered in central India, the Economic Offences Wing (EOW) has unearthed a fake invoicing scam worth Rs 512 crore and fraudulent Input Tax Credit (ITC) claims of Rs 130 crore.

Gross GST collections doubled in five years to reach an all-time high of Rs 22.08 lakh crore in the 2024-25 fiscal year, from Rs 11.37 lakh crore in FY21, government data showed on Monday.