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05/07/2017 03:23pm

Industry must extend the tax reduction benefit to consumers, bring down costs: Govt

image Industry must extend the tax reduction benefit to consumers, bring down costs: Govt

New Delhi, July 5 (KNN) Post roll out of the Goods and Services tax in the country, there has been a reduction in tax rate on consumer goods. Aiming to ensure that the tax reduction benefit reaches the consumers, the government recently made an appeal to the industry to reduce the prices. Also a Central Monitoring Committee (CMC) has been constituted to monitor the prices and supply post implementation of the Goods and Services Tax (GST).

Hasmukh Adhia, Revenue Secretary made this appeal at the first Central Monitoring Committee meeting.

He further said that the CMC will comprise of Secretaries from 15 departments of the government. This committee will also be looking at the problems faced by the different stakeholders under the GST. The committee will meet on a weekly basis.

Adhia informed that a GST monitoring process will be initiated in which government officials along with Secretaries would be supervising the fair implementation of the GST in every district of the country.

Every dour districts of the country would be clubbed together for monitoring under a Joint Secretary or Additional Secretary. This team will report to officials of Central Board of Excise and Customs (CBEC). Adhia further informed that this team from CBEC will report to the Cabinet Secretary.

The Goods and Services Tax (GST) was rolled out on July 1 marking it as an important step in the history of taxation in the country. (KNN/ DA)

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