Wednesday, Dec 13 2017 | Time 12:40 Hrs(IST)
image
  • Sri Lanka win toss, decide to chase in Mohali
  • Gujarat all set for voting on December 14
  • Cold morning in Delhi
  • Chennai Oil Market Rates
  • '
  • '
  • CBI accused Tripura police of non-cooperation
  • 12th edition of Mutual Fund Summit held
  • Japanese court rules against Shikoku Electric nuclear restart
  • Tripura LF govt embraces of DMS touched feet of health minister
  • SC halts govt takeover of Unitech management
  • Tripura LF to begin poll campaign through mega rally on Dec 31
  • We will never let forces of hate and terror succeed: President
  • Sensex recovers by 118'54 pts
  • Pound,Yen up; USD,Euro down
States Share

GST: Centre warns companies from hiking fees, says will monitor prices

GST: Centre warns companies from hiking fees, says will monitor prices

Srinagar, May 19 (UNI) With Goods and Services tax (GST) coming into force in the country from July 1, the Centre today warned companies, including MNCs, from hiking prices as it will be monitored under the anti-profiteering law. “We have an anti-profiteering law, the machinery may come subsequently, but they (companies) will be called in anytime for any action they take… after today or even before that in the anticipation of rates going down they have increased the rates, they will be called and asked to explain the move,” Revenue secretary Hasmukh Adhia told reports here. Mr Adhia asked the big corporate to not indulge in such activities and be honest and pass down the benefits of GST to consumers. “We will try to operationalise the mechanism as soon as possible. But even if that is setup in three months, it can ask companies to produce its costing and balance sheets,” he said. “Say suppose, if a company has increased 3 per cent rates in the last 3 month, it can be asked to explain itself,” he added. Meanwhile, Mr Adhia asserted that the effective tax rate will be lower than the headline rate as companies will get input tax credit for goods and services. He said players like Flipkart, Snapdeal will have to deduct 1 per cent TCS (tax collected at source) while making payments to the suppliers. UNI ABS SW SNU 1909

image