Consumers to get GST rate cut benefits; Cabinet nod for new panel
Centre gives approval for the creation of the posts of chairman and technical members of the National Anti-profiteering Authority under GST LATEST NEWS : The Union Cabinet on Thursday approved setting up of a National Anti-profiteering Authority under the GST , as it seeks to ensure that consumers get the benefit of reduced prices under the new indirect tax regime. Union Minister Ravi Shankar Prasad said currently there are only 50 items which attract the highest tax of 28 per cent under the Goods and Services Tax (GST) regime and rates on many items have been cut to 5 per cent as well. "The National Anti-Profiteering Authority is an assurance to consumers of India. If any consumer feels that the benefit of tax rate cut is not being passed on, then he can complaint to the authority," Prasad told reporters after the Cabinet meeting. This reflects government's full commitment to take all possible steps to ensure benefits of implementation of GST to the...