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As companies gear up for the final stages of implementing GST, a crucial exercise which is being carried out is a re-look at the existing contracts and negotiation with vendors from the perspective of alignment of contracts with the GST regulations. A crucial point of negotiation is for the vendor to pass on all benefits accruing or arising under GST to the recipient. In this context, the legislative backing comes in the form of Section 171 of the Central Goods and Services Tax Act, 2017 ("CGST Act") which embodies the Anti-Profiteering provisions and the Anti-Profiteering Rules which have been finalised by the GST Council in its 17th meeting held on 18th June 2017.

On the path to complete all responsibilities and release the requisite laws, regulations and rates ahead of the proposed transition date of July 1, 2017, the GST Council met on June 3, 2017. The key developments during the meeting were: A committee comprising revenue officers from Centre and States is to be set up to entertain complaints relating to anti-profiteering.

Ministry of Commerce and Industry said on Thursday that it has decided to release the reviewed foreign trade policy (FTP) in the month of September and not prior to the rollout of Goods and Services Tax (GST) as was earlier planned.

Gems and Jewellery industry welcomed the government's decision of fixing the goods and services tax (GST) rate at 3% for gold and 0.25% for rough diamonds, stating the step will help in boosting the business.

Federation of Indian Export Organisation (FIEO) on Friday said that the continuous growth in exports gives confidence to the exporters in India on easy sailing with GST.

The Trade Policy Agenda released by Trump administration for the year 2017 highlights the fast paced growth in US-India trade since 1980, when the total trade between the two nations was merely $4.8 billion. The US-India trade in goods and services has expanded by over 9% year-on-year to attain a figure of $109 billion in 2015, according to the document.