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The mutual fund industry has written to the Finance Ministry as a part of its proposals for Budget 2018, seeking, among other things, simplification of GST rules to ease implementation of GST for the MF industry.

Four states currently implementing the electronic way (e-way) bill system as a pilot are generating 1.4 lakh bills per day on the GST Network (GSTN) portal. The remaining states will start operating the mechanism in the next fortnight, the information technology (IT) backbone for the goods and services tax (GST) said in a statement on Friday.

NEW DELHI: Come February and transporters will not need separate transit passes for moving goods from one state to another as the e-way bill issued to them will be valid throughout India, GST Network said today. 

GST Law review committee recommended about 16 changes in GST-related laws including centralised registration for large service providers operating across 10 or more states with an annual aggregate turnover exceeding Rs 500 crore. There are other changes in process returns which may also be considered by the GST council where law need not be changed and can come by notifications and rules.

With revenue collection under the Goods and Services Tax (GST) for November and December, 2017, having dropped as compared to earlier months, the state government has demanded Rs 1,672 crore as compensation for the dip in revenue. The revenue collection of the state averages was Rs 9500 crore.

Domestic organised pharma retail market is expected to report one of its lowest annual growths in recent years of around 5-6% for the year ended 2017, bogged down by multiple factors including demonetisation and GST implementation.