There is good news for consumers before the festivals. Finance Minister Nirmala Sitharaman has clearly said that companies will have to pass on the full benefit of the reduction in GST rates to the customers. She said that the central government is also working on a package to provide relief to exporters affected by US tariffs.
Sitharaman said that GST reforms have been done on the instructions of Prime Minister Narendra Modi, and their aim is to benefit the common man, farmers, and small businessmen. She said that many companies have already announced plans to reduce prices. The government is also keeping an eye on the prices, and MPs have also been asked to monitor the prices in their areas.
When will the new rates be implemented?
The new rates will be implemented from September 22. This day is the beginning of Navratri, when festival shopping intensifies across the country. The Finance Minister hopes that the tax cut on 375 items will boost consumption and the economy.
Sitharaman assured that tax rates will not be changed frequently. However, some opposition-ruled states expressed apprehension about revenue loss in the GST Council meeting. On this, the Finance Minister said that not only the states but also the Centre suffer losses. But when money goes into the pockets of the people, the government cannot worry only about its earnings.
Consumers will save money.
Sitharaman said that this time, most of the things are in the low tax bracket, and now only 13 items are left in the 'luxury and sin goods' category. This will simplify the tax structure and consumers will save money.
Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal said that companies will have to update their billing system immediately, so that the new rates can be implemented from September 22. He clearly said that companies should not keep the benefit to themselves, but pass it on to the customers.
The government can take action.
If any sector does not follow the rules, then the government will take action after talking to the concerned industry organizations. Especially regarding the insurance and auto sector, clarification has been given that the full benefit of the big relief they have got will have to be given to the customers. At the same time, the tax burden on 'sin goods' like cigarettes, pan masala, and tobacco is not going to decrease.
The continuous rain in the monsoon has broken the record of the last five years. After the year 2
Prime Minister Narendra Modi was unsuccessful in his attempt to land at the Taherpur helipad in W
The Indian cricket team, after defeating South Africa 2-1 in the ODI series, started the five-mat
Following their defeat against India, Pakistan faces the threat of elimination from the T20 World
Ranveer Singh's film 'Dhurandhar' is currently doing wonders at the box office. Even after severa
Greenland Row: 'Donald Trump... go to hell,' Danish MP lashes out at US aggression over Greenland.
US President Donald Trump's aggression regarding Greenland continues to escalate. Meanwhile, a st
'Brother has a cigarette in his hand'; Netizens react to Salman Khan's viral picture with MS Dhoni.
Salman Khan and MS Dhoni share a deep friendship. Dhoni, along with his family, attended Bhaijaan
'Supreme' hearing on the arrest of Sonam Wangchuk today, wife filed a petition
Sonam Wangchuk was arrested by the government after the violence in Leh. Sonam Wangchuk is curren
Anunay Sood's girlfriend wrote an emotional message, saying, 'This is not true...'
Popular travel influencer Anunay Sood has passed away at the age of 32. The cause of his death ha
The journey of the reality show 'Bigg Boss 19' may have ended, but contestant Tanya Mittal, who w
