GST Council approves draft rules; focus shifts to rates of various goods and services

The Goods and Services Tax (GST) Council approved the drafts of four sets of rules and finalised five others on Friday, bringing India closer to a one unified tax regime. The council, headed by Finance Minister Arun Jaitley, approved the draft rules relating to composition, valuation, ITC (input tax credit) and the transition process. Five other rules involving registration, payment, refund, invoi…