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of <h1>Central Government Sets Rules Under Integrated Goods and Services Tax Act, 2017 to Streamline Inter-State Trade and Taxation</h1> The Integrated Goods and Services Tax Act, 2017 empowers the Central Government to establish rules for various tax-related matters, including tax collection, place of supply determination, apportionment of services' value, and refund procedures. The Act aims to streamline inter-State trade by replacing the non-vatable central sales tax with a more uniform integrated goods and services tax. It seeks to reduce production costs and inflation, fostering a unified Indian market. The legislation includes provisions for taxing inter-State and imported goods and services, granting exemptions, and managing tax settlements and input tax credit transfers. The financial implications will be managed by existing government resources.
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