All states will implement GST by July 2017. The Constitution Amendment Bill for Goods and Services Tax has been approved by the President of India post its approval in Parliament (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) and ratification by more than 50 per cent of state legislatures.
The Government of India has made changes in indirect tax rates. In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10 per cent to 25 per cent for a period up to 31.03.2016.
Secondary steel manufacturers want the union government to consider deemed duty paid on steel scrap for availing CENVAT credit in the union budget 2013-14. According to the All India Induction Furnaces Association (AIIFA), the revenue collection of the central government would rise remarkably by allowing Deemed Duty Cre
Service tax exemption of 25 per cent from taxable value is being provided to services of transport of coastal goods and goods transported through national waterways or inland water with no CENVAT credit of taxes paid on inputs, input services and capital goods. The effective service tax rate is 7.725 per cent.