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Business EconomyPosted at: Nov 20 2017 7:29PM


Pass on benefit of GST rate reduction to consumers, Govt appeals to Industry

New Delhi, Nov 20 (UNI) The Central Government has once again appealed 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.
In this regard, 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 and said that 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 November 10 at Guwahati, has recommended the reduction of the GST rate from 28 per cent to 18 per cent on goods falling under 178 headings, leaving now only 50 items under the GST slab rate of 28 per cent.
A large number of items have also witnessed a reduction in GST rates from 18 per cent to 12 per cent, 12 per cent to 5 per cent and so on. All these changes are effective from the midnight of November 14, 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.
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Tags: #Pass on benefit of GST rate reduction to consumers# Govt appeals to Industry
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