New Delhi: The goods and services tax (GST) Council will consider more requests for relief on GST rates and compliance requirement from businesses and traders after the rollout of the nation’s biggest indirect tax reform on 1 July. The council’s readiness to consider further requests for tax relief comes in the wake of protests being staged by textile traders, road builders, furniture makers and diamond merchants over the applicable tax rates and the compliance requirement. The council had on 11 June lowered GST rates on 66 items and widened the scope of a concessional tax payment scheme for small businesses and restaurants. Central and state governments are now in the process of notifying the tax rates already finalized in previous meetings of the council. The minister said that the tax reform is in the interest of consumers and traders.

Source: Mint June 28, 2017 18:11 UTC