Union Finance Secretary Hasmukh Adhia has asked India Inc to pass on the benefits of Goods and Services rate cuts to the consumers. Talking to DD News, Mr Adhia yesterday said the Fast-moving consumer goods, FMCG, firms and big corporates will have to ensure that retailers pass on the benefit of GST rate cut to consumers and sell their products only after lowering the Maximum Retail Price.
On concerns over small businesses coming under the lens of the anti-profiteering authority, Mr Adhiya also said it will take action only against big organised sector companies because they have the full retail chain and they decide the MRP.
The Finance Secretary said it is absolutely necessary for every retailer to ensure that wherever MRP is written on a product, it is inclusive of all taxes. He said that the consumers can refer to the GST rate finder to know the new rates.
Meanwhile, GST group of ministers of IT network Chairman Sushil Kumar Modi has said that GST Network will launch a facility for businesses to make changes to their August and September GST return forms from tomorrow. Mr Sushil Modi talking to media in Bengaluru yesterday also said that simplification of processes and procedures needs to be done which GST network will do in collaboration with Infosys.
The GST Council, chaired by Union Finance Minister Arun Jaitley and comprising his state counterparts, had last week lowered tax rates on over 200 items. Of this, 178 items, mostly FMCG products, were brought down from 28 per cent to the 18 per cent slab. The revised tax rates have come into effect from Wednesday.