Pass on benefits of GST rate cuts to consumers: Arun Jaitley to India Inc

GST: We assured him (Jaitley) we are ready for the roll out. Even if this was rolled out after 6 months, we would have same amount of panic. We will take it in its stride,” Jyotsna Suri, CMD Bharat Hotels said.

By: ENS Economic Bureau | New Delhi | Published:June 30, 2017 3:36 am
GST, Arun jaitley, jaitey GST, GST meeting, finance minister, GST implementation, GST: Finance Minister Arun Jaitley interacting with the Trade Representatives, in New Delhi on Thursday. (Source: PTI photo)

Meeting industry representatives a day ahead of midnight rollout of Goods and Services Tax (GST), finance minister Arun Jaitley asked the industry to pass the benefits arising from tax rate reduction in the indirect tax regime to the consumers in a transparent manner.

“The overall incidence of tax after implementation of GST will be less especially in case of the consumer goods than the present incidence of tax, therefore, it is imperative on part of the trade and industry to pass on these benefits to the consumers at large,” Jaitley was quoted as saying in a finance ministry statement. The finance minister also said he was “sure” that GST will not have any inflationary impact and asked the industry to educate distributors, retailers and consumers about the positive impact of GST on the price front, the statement said.

The industry assured the government that the benefits of price reduction would be passed on to the consumers. They also put forward their concerns and asked the government to issue certain clarifications to remove any doubt or confusion among the traders, the statement said.

According to industry representatives, it would take about three months to assess the impact of GST on prices. Jyotsna Suri, CMD Bharat Hotels, said the hotel industry is very much ready for GST rollout. “We assured him (Jaitley) we are ready for the roll out. Even if this was rolled out after 6 months, we would have same amount of panic. We will take it in its stride,” Suri said.

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  1. S
    sunny
    Jun 30, 2017 at 2:09 pm
    I stayed in Delhi for more than 20 years, go to any shop there is bargaining , in such situation how GST will work
    Reply
  2. S
    Sundeep Pahwa
    Jun 30, 2017 at 11:04 am
    I am very keen to know that how the Multiplexes would respond to this plea specially in Delhi. Most of the promienent Players are known to raise their Rates when an Ent Tax exemption is given ,now with the GST on cinema tickets being reduced fron approx 40 Tax charged earlier Will they reduce the rates or bring up the basic to be at par or maybe slightly below the 30th June level to keep the Finance Minister Happy 18 slab of tickets below 100/ would hardly apply in Delhi as the people love to pay more on a Khan film then paying Taxes honestly Anyone has an answer
    Reply