The emergence of Ethiopia as a garment hub and the increasing quantum of investment flowing from India into the country has become a cause of worry for the Indian textile industry.

Synthetic textile manufacturers are planning to cut the prices of their products by at least 5 per cent from August following the government's decision to reduce the effective GST (goods and services tax) rate on its raw materials by 7 per cent from July 27.

The GST Council on Saturday approved the new return formats and associated changes in law - a move that  will simplify the tax filing process. In its last meeting, the Council had approved the basic principles of GST return design and directed the law committee to finalise the return formats and changes in law.

NEW DELHI: Only three states — Manipur, Mizoram and Arunachal Pradesh — have reported surplus GST collections compared with the average monthly revenue they should earn to ensure that the Centre does not have to compensate them for any loss. 

The Goods and Service Tax (GST) council has announced slashing of the GST rates on approximately 50 items, providing respite to the consumers. At the same time, businessmen here feel that the government will benefit as it has clipped wings of those who were generating fake bills to get the GST return.

New Delhi, Jul 22 The decision of the GST Council to cut rates and simplification of return filing process will increase the compliance rate and add to revenue buoyancy, industry chamber CII said today.