SME Times is powered by   
Search News
Just in:   • AI-first approach will transform our lives: Satya Nadella  • Facebook to remove posts that spur violence  • Two key Apple executives quit amid Siri reshuffle  • NAFTA renegotiations to resume in Washington  • Jindal varsity signs MoU with Harvard on academic collaborations 
Last updated: 21 Nov, 2017  

GST.9.Thmb.jpg Convey GST benefits to consumers to boost domestic demand: Govt

GST.9.jpg
   Top Stories
» Number of registered MSMEs crosses 4.8 million
» Most of GST refund claims by exporters sanctioned: Minister
» PMEGP created over 11 lakh jobs in last three yrs: MSME minister
» Over 13.5 cr e-bills generated till July 17: Finance Ministry
» Monsoon session of parliament begins Wednesday
Saurabh Gupta | 21 Nov, 2017
The central government appeals to the industry leaders to pass on the benefit of GST rate reduction to the consumers as it is expected to encourage domestic demand and investment among others.

Vanaja N. Sarna, Chairperson, Central Board of Excise & Customs (CBEC) has addressed a letter to all the major Fast-Moving Consumer Goods (FMCG) companies pointing out the need to immediately revise the MRP on all the products in which the reduction of GST has been announced by the Council.

She has also requested all to give wide publicity to the revised MRP of products.

The Government expects that the industry should immediately respond to the earlier appeal made by the Finance Minister on this issue.

The GST Council in its 23rd Meeting held on 10th November, 2017 at Guwahati, has recommended the reduction of the GST rate from 28 percent to 18 percent on goods falling under 178 headings, leaving now only 50 items under the GST slab rate of 28 percent.

A large number of items have also witnessed a reduction in GST rates from 18 percent to 12 percent, 12 percent to 5 percent and so on.

All these changes are effective from the midnight of 14th November, 2017. The benefit of reduction in the GST rate has to be passed on by the suppliers to the consumers by way of commensurate reduction in prices.

The reduction in GST rates is also expected to encourage domestic demand and investment, expects government.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 20 Jul, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(13)
» Review of Companies Act 2013: A welcome step(9)
» Tech exchange centre launched for Indian, S Korean MSMEs(1)
» Muthoot Finance Starts Mobile Surveillance Squads (1)
» RBI, FinMin must work together for rupee stability: Assocham(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter