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Govt urges industry to pass on price cuts due to GST
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SME Times News Bureau | 05 Jul, 2017
The government on Tuesday appealed to industry to pass on the benefit of
a reduction in taxes under GST to consumers and announced the setting
up of a Central Monitoring Committee (CMC) of 15 Secretaries to monitor
the prices and supply situation following the roll-out of the new
indirect tax regime.
"Prices have not gone up," Revenue Secretary
Hasmukh Adhia told reporters following the first meeting of the CMC
here headed by the Cabinet Secretary.
"I appeal to industry to help bring down prices, wherever there is a reduction in tax under GST," he said.
Adhia
informed the media that the CMC formed by the Cabinet Secretary
includes the Secretaries of 15 departments of the government which have
been instructed to attend to the issues faced by their individual client
groups on account of the Goods and Services Tax that came into effect
pan-India from July 1.
The CMC will meet once a week on every Tuesday, he added.
In
this connection, the Secretary said his department had received
2,20,000 applications for new registrations under GST of which around
half were fully completed.
"Of the completed applications,
39,000 have already been approved and the rest will be deemed approved
in the next three working days, unless states raise objections on
specific cases," Adhia said.
He also said that the government is
launching a GST monitoring exercise from Wednesday, which would involve
assigning all districts of the country to senior officials for
supervision. Four to five districts would be grouped together for
monitoring by a Joint Secretary or Additional Secretary from here who
would be linked to the field through a link official of the Central
Board of Excise and Customs (CBEC). There would be 175 top officials
assigned to this job who would report on GST to the Cabinet Secretary,
Adhia said.
Avinash Srivastava, Secretary in the Department of
Consumer Affairs, said Consumer Affairs Minister Ram Bilas Paswan had
allowed traders, manufacturers and packers three months till September
30 to dispose of old stocks by displaying the changed price according to
a "methodology".
According to this method, the particular
business in question has to issue advertisements in two newspapers
informing the new price for items. Besides, the item packaging has to
display the new price on a sticker in a way that the old price is also
visible.
Items which undergo a price reduction due to GST do not
need to issue newspaper advertisements, but the sticker display of the
new price on packing is the same for products whose prices have
increased, Srivastava said.
As different from the GST implemented
elsewhere, which generally have 'standard', 'merit' and 'demerit'
rates, the new regime in India has a four-slab rate structure of 5, 12,
18 and 28 per cent, respectively.
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