Friday, 30 June 2017

Finance Minister asks industry to pass on GST rate cuts to consumers

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Finance Minister Arun Jaitley asked the industry to pass on the benefits arising from tax rate reduction due to GST roll out to consumers in a transparent manner. "The overall incidence of tax after implementation of GST will be less especially in the case of the consumer goods than the present incidence of the tax, therefore, it is imperative on part of the trade and industry to pass on these benefits to the consumers at large," Jaitley said. 

In a meeting with industry chambers ahead of tomorrow's midnight launch of Goods and Services Tax (GST), Jaitley asked them to ensure that all benefits arising due to the implementation of GST from July 1, 2017, are passed on to the consumers in a transparent manner.

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