Tax

He described the last-minute changes in the US proposal as "unfair" and "uneconomic", saying they called into question the reliability of any agreement.

The 57th meeting of the Council, chaired by Union Finance Minister Nirmala Sitharaman, is likely to discuss simplification in registration of businesses who pass on tax credit of over ₹2.5 lakh a month.

US goods subject to 25 per cent tariffs include appliances and dairy products whereas the 50% counter tariffs apply to steel and aluminium products, furniture, clothing and apparel.

In response, Prime Minister Carney quickly announced that Canada would levy retaliatory tariffs on US goods beginning September 8.

Political impact will likely be even bigger than the economic fallout as the countries sold each other $880 billion worth of goods and services last year.

Once agreed to by all states and the union government, the proposal will be placed before the GST Council, chaired by Union Finance Minister Nirmala Sitharaman.

The finance ministry, in a notification, said the duty hikes will be effective from August 15.

The Income Tax Department is preparing rules to enable taxpayers to apply electronically for lower or nil Tax Deduction Certificates under the 2026-27 Budget provision.

The protesters demanded the withdrawal of what they termed unjust petroleum levies and taxes.

If implemented as scheduled, the measure would mark the first reduction in Japan's consumption tax rate since the tax was introduced in 1989.

One of the key taxation proposals in the Bill is the rationalisation of the conditions governing eligible offshore investment funds and eligible fund managers.

The revised Special Additional Excise Duty (SAED) comes into effect from August 3 amid volatility in global crude oil prices.

The Bill also proposes a tax exemption for foreign companies undertaking the storage and sale of electronic components through customs bonded areas and supplying them to Indian manufacturers.