All GST Cut Benefits Passed On for 54 Daily Use Items: FM Sitharaman
Finance Minister Nirmala Sitharaman announced that the government’s rigorous monitoring confirmed that the benefits of the Goods and Services Tax (GST) rate reduction have been fully passed on to consumers for all 54 daily use items that saw a tax cut.
Key Points of the Announcement
- 100% Price Transmission: The Finance Minister stated that checks and monitoring mechanisms confirmed that the entire financial benefit resulting from the GST rate reduction on 54 specified daily-use items has been reflected in lower retail prices for the end consumer.
- Focus on Anti-Profiteering: The announcement highlights the government’s success in enforcing the anti-profiteering provisions of the GST Act. These provisions mandate that any reduction in the tax rate must be passed on to the public.
- Boost to Affordability: The move ensures that the GST rationalization efforts have achieved their core goal of making daily essentials and frequently consumed goods more affordable for the common person, thereby boosting consumption.
- Role of Price Monitoring: This confirmation is based on the continuous price monitoring conducted by tax authorities and related consumer protection agencies, providing factual evidence of compliance across the retail network.
Source :- Tribune India