Govt to ask industry to pass on GST benefits to consumers

New Delhi, June 29
The government is asking the industry to pass on the benefits of Goods and Services Tax (GST) in the form of lower prices to consumers to allay fears of a rise in prices.
Finance Ministry Arun Jaitley will meet representatives of trade and industry on Thursday to send the message that companies should pass on the benefits of GST as they would get input tax credit.
There are apprehensions that the GST to be rolled out from Friday midnight would lead to an escalation in prices of goods and services.
Taking a pro-active role, the government is calling the industry to press the fact that benefits of reduced prices should be passed on and the industry chambers will be asked to convey it to their state counterparts also.
The government has maintained that prices of most goods would become cheaper post GST while services would see only a marginal hike.