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.
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