India's new tax regime News

Addressing the 116th annual session of the Merchants' Chamber of Commerce and Industry in Kolkata, Minister of State for Finance Shiv Pratap Shukla  said by March, the GST will be simple enough for everyone to comprehend.

"We will continue with this journey of hybrid vehicles in India. Our commitment remains the same and we believe that this technology is good for environment," Toyota Kirloskar Motor Senior Vice President and Director N Raja told PTI here.

Jammu and Kashmir, the only state which failed to meet the June 30 timeline for the GST rollout, on Wednesday passed resolution for implementing India's new indirect tax regime amidst protest by opposition parties.  

The nation-wide Goods and Services Tax (GST), which comes into effect from midnight, will overhaul India's convoluted indirect taxation system and unify the USD 2 trillion economy with 1.3 billion people into a single market.  

Diners may be presented with two bills in some places -- one before Friday midnight, and one after 12 AM.  

Prime Minister Narendra Modi on Tuesday termed the roll-out of the Goods and Services Tax (GST) from July 1 as "historic" and said that the world will witness how political parties of various ideological hues came together to usher in this major reform.

Reminiscent of India's tryst with destiny at the mid-night of August 15, 1947, Parliament's historic Central Hall will host a function on the intervening night of June 30-July 1 to ring in the nation's biggest tax reform -- GST.

Finance Minister Arun Jaitley on Friday promised not to spring any surprises in fixing tax rates under the new GST regime, saying they will not be "significantly different" from current levels.