Breaking News

You are here » Indian-Commodity  :  Economy  :  Pass on the benefits of GST rate cut to the consumers: Finance Secretary

27-Nov2017

Pass on the benefits of GST rate cut to the consumers: Finance Secretary

Finance Secretary, Ministry of Finance, Hasmukh Adhia has requested companies to pass on the benefits of GST rate cut to the consumers. He said that the companies should paste stickers of the revised rate of MRP on their products. He said that it is mandatory for the bigger companies to pass on the benefits of the reduced taxes of goods to the end consumers, adding that "We have now reduced taxes of bigger items. If we see any anomaly we will not get hold of the small retailers, we will catch the bigger companies."

Adhia further said that a decision regarding the formation of a National Anti profiteering Authority would be announced soon. The GST Council had brought down the tax charged on restaurant bills to a uniform 5% from 12% and 18% that was charged earlier depending upon AC or non-AC restaurants. On issue of overcharging of restaurants, Adhia said that the government has no control over the rates of small restaurants. But he stated that the government will ask big restaurants chains about their rates and if input tax credit mismatches with prices raised anti-profiteering action will be taken against them.

The Finance Secretary also opined that GST should be simple and number of slabs should be reduced. The GST Council at its 23rd meeting held on November 10, 2017 in Guwahati, had recommended the reduction of the GST rate from 28 to 18 percent on goods falling under 178 headings.


Related News

View all news

Complete turnaround two years away for PSBs despite capital infusion: Moody's

After the government announced Rs 48,239 crore capital infusion into 12 public sector banks (PSBs) in this fiscal to help them maintain regulatory capital requirements and finance growth plans, global......

Finance Ministry to recapitalise 12 PSBs with capital infusion of Rs 48,239 crore

In a bid to take public sector banks (PSBs) out of Reserve Bank of India's (RBI) prompt corrective action framework, the Finance Ministry has decided to recapitalise 12 PSBs with capital infusion of Rs......

FDI falls 7% to $33.49 billion during April-December of FY19

The Commerce and industry ministry in its latest data has showed that in the first nine months (April-December) of current financial year (FY19) Foreign direct investment (FDI) into India contracted by......

Top News

View all news

City Union Bank opens four new branches in Tamil Nadu

City Union Bank has opened four new branches in the state of Tamil Nadu on February 22, 2019. The bank has inaugurated 621th and 622nd branch at Nambiyur and Moolapalayam, respectively. The bank has also......

Syndicate Bank enters into partnership with Srei Equipment Finance

Syndicate Bank has entered into partnership with Srei Equipment Finance to jointly provide financing for construction and farm equipment. Under the arrangement, Syndicate Bank would leverage on its low-cost......

Tata Motors to supply 80 Electric buses to West Bengal Transport Corporation

Tata Motors will supply 80 Electric buses to the West Bengal Transport Corporation (WBTC). The company has already supplied 20 Ultra Electric 9/9m AC E-buses, with remaining 20 9/9m AC E-buses scheduled......