Benefits of the reduced rates/tax rebate to the consumers post GST
The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified the tax incidence on items like food grain, milk, egg, sugar, vegetable edible oils, spices in GST regime is lower than the tax incidence in the pre-GST regime.
GST tax rates have been fixed with the objective of maintaining revenue-neutrality in the post-GST regime.
Section 171 of the Central Goods and Services Act, 2017 provides for Anti-Profiteering measure according to which any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices and the Central Government is in the process of constituting an Authority to examine the same. Many business entities have reduced the prices of their goods and services in view of lower GST rates under the GST regime. They have been publishing these revised rates in leading newspapers from time to time for consumer benefit.
This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Lok Sabha today.
Ministry of Finance 28-July, 2017
Related Topic on GST
Topic | Click Link |
GST Acts | Central GST Act and States GST Acts |
GST Rules | GST Rules |
GST Forms | GST Forms |
GST Rates | GST Rates |
GST Notifications | GST Act Notifications |
GST Circulars | GST Circulars |
GST Judgments | GST Judgments |
GST Press Release | GST Press Release |
GST Books | Best Books on GST in India |
GST Commentary | Topic wise Commentary on GST Act of India |
GST You Tube Channel | TaxHeal You Tube Channel |
GST Online Course | Join GST online Course |
GST History | GST History and Background Material |