A lowdown on what the new anti-profiteering rules under the Goods and Services Tax are and what the criticism against it is all about

The GST's anti-profiteering rules provide for cancellation of registration of any entity or business if it is found guilty of not passing on the benefit of lower tax rates or input tax credit to the consumers.

The FRBM committee has set a 3.2 per cent fiscal deficit target for the current year. Jaitley's response comes a day after Punjab announced farm loan waiver following Uttar Pradesh and Maharashtra.

India will turn into one market as the GST will come into effect at the stroke of midnight between June 30 and July 1.

Arun Jaitley on Sunday stated that the state-run lotteries will be taxed at 12 per cent of the face value, while a 28 percent tax rate has been fixed for state-authorised private lotteries

Defence Minister Arun Jaitley on Saturday offered condolences to the families of six policemen killed by militants near Achabal in south Kashmir on Friday, terming the attack as a "cowardice act"

The Reserve Bank's measure comes a day after Finance Minister Arun Jaitley reviewed the performance of Public Sector Banks in India

Finance Minister Arun Jaitley said that the RBI is in the final stages of drawing up a list of bad loans that can be settled under the new insolvency law and that action in this regard will be visible soon

Reserve Bank Governor Urjit Patel has already warned of a likely fiscal situation to be going out of hands if states keep on doling out in such a manner, which may also stoke inflationary expectations.

The Finance Minister pointed out that a few top bankers expressed apprehensions about the infrastructure available for enforcement under the NPA ordinance. He, however, did not go into the specifics.

Finance Minister Arun Jaitley on Monday said that the states which are keen on farm loan waiver “must generate funds from their own resources”

Next meeting of GST Council will be held on June 18 where the GST rates on lottery taxes and e-way bills will be decided.

Jaitley will meet heads of public sector banks and financial institutions on June 12 to discuss issues related to rising bad loans, interest rate reduction and credit flow to various sectors.

In a statement issued here, the Ministry of Finance said that the 16th GST Council, slated to meet here on June 11, may revise some rates following a review of industry representations.

When asked about the slowdown in GDP to 7.1 per cent in 2016-17, Jaitley said economy's curve was going downwards even prior to demonetisation, which was announced in the third quarter of last year.

The minister asked why should the tax-payer's money worth Rs 55,000-60,000 crore be invested to save the debt-ridden airline.

The Council has come together here for its 15th meeting to finalise the rate fitment of the remaining six items, including gold.

The GST Council had last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28 per cent.

The Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, will also review tax rates for some goods in view of representations received from industry.

Admitting that the situation in challenging in South Kashmir, Jaitley said it is normal in the rest of the state and recently the two-day meeting of the GST Council was held in Srinagar.