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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.


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