In a bid to provide relief to consumers and corporates, the GST council’s 23rd meeting has decided to slash tax rate of nearly 178 items from the higher slab of 28%, but the exercise is yet to benfeit common people.
Reports say that companies will take at least November month to pass on the benefits to customers.
The government, however, has asked the authorities concerned to ensure that consumers reap the benefit of new GST rate structure.
Hasmukh Adhia, Revenue Secretary, recently said, “From the day when GST rate was deducted, right from that day consumers are entitled to enjoy the benefit of lower tax.”
“All companies are needed to provide revise sticker on their products since GST rate was brought down, in case if they fail to do so then anti-profiteering action will be taken against these companies,” he added.
Anti-profiteering clause has been added to prevent companies from making excessive profits due to GST. The government also instructed authorities to order the supplier/business concerned to reduce its prices or return the undue benefit availed by it along with interest to the recipient of the goods or services.
The Union Cabinet on November 17, has decided to set up an anti-profiteering authority under the Goods and Services Tax (GST) regime to ensure that the benefit of lower rates is passed on to consumers.
The authority will be composed of a chairman and four technical members.
Here’s a list of companies which are expected to pass on the GST benefit to consumers.