Breaking News

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


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

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......