Latest GK GS

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GST draft law to ensure benefits for consumers against GST tax

 

 

GST Council drafts law ensure benefits of consumers by the companies against GST Tax

The Indian Companies has to pass on benefits derived from Goods and Service Tax (GST) in the form of reduced prices or penal provisions under GST law.

Actions must be taken against the companies that pocket the gains and do not levy on the consumers.

GST Benefits in form of reduced prices or input tax credits 

An authority will be created that ensures that the benefits are pass on the consumers with respect to input tax credits or lower rates in accordance to GST law.

The draft law states the central Government may by law constitute any authority to examine whether input tax credit availed by any registered taxable person or reduction in price of goods due to reduction in tax rate have actually resulted in equal reduction in price of the said goods and services supplied by him.

The draft law GST will be taken in consideration at the GST Council on 2nd or 3rd December 2016.


 

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