Union Finance Minister Arun Jaitley asked the representatives of Trade and Industry to ensure that all benefits arising due to implementation of the Goods and Services Tax (GST) from are passed on to the consumers in a transparent manner.
Adopting a pro-active approach ahead of the GST rollout, Jaitley held a meeting with the representatives of the trade and industry in the national capital here yesterday.
Making his opening remarks at the meeting, the Finance Minister said that overall incidence of tax after implementation of the 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 further said that large number of traders have registered themselves and the GST Network and other official machinery is fully ready for smooth rollout of the GST from July 1, 2017.
He said that he is sure that the GST will not have any inflationary impact.
He asked the representatives of trade and industry to inform, educate and explain to their distributors, retailers and consumers at large about the positive impact of the GST especially on the price front.
Ahead of Prime Minister Narendra Modi Government’s grand celebration to mark the rollout of the Goods and Services Tax (GST) at a special midnight session of the Parliament, the Trinamool Congress (TMC) on Friday said that the country is not ready for it now and therefore, it needs to be pushed back.
Bharatiya Janata Party (BJP) leader Subramanian Swamy on Friday said he would be attending the midnight celebration of the Goods and Service Tax (GST) roll out in the Central Hall of Parliament as Prime Minister Narendra Modi has met his “grievances”