Nearly 23% of the 8,300 appeals in high courts and 22.8% of 7,785 appeals at the Income Tax Appellate Tribunal (ITAT) are yet to be withdrawn by tax officials.

Some of the experts have already projected that the fiscal deficit could rise to 3.5 per cent of the GDP, more than the budget estimate of 3.3 per cent of the GDP for the current fiscal.

Currently, RoSL, which is to offset indirect taxes levied by states such as stamp duty, petroleum tax, electricity duty and mandi tax that were embedded in exports, is provided to textiles exporters.

The measure, once implemented, would check the widespread practice of composition dealers of charging GST from purchasers and not depositing it with the exchequer

The issue of lowering the GST rate on under-construction apartments in the affordable category from 12 per cent to 5 per cent has now been referred to a group of ministers (GoM).

As the basic law and rates settle down, authorities are bracing for the next round - legal challenges from businesses.

Earlier in November, LIC, which recorded a surplus of Rs 48,444 crore in the current fiscal, paid Rs 2,430 crore dividend to the government for the financial year 2017-18.

The government has clarified that taxable value for the purposes of GST shall include the tax collected at source amount, which is applicable on automobiles over Rs 10 lakh.