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.
The representatives of trade and industry on the other hand congratulated the Government for their bold initiative by bringing historical Indirect Tax Reform which will help not only consumers but also boost the prospects of growth of Indian economy. They assured the Government that benefit of price reduction would be passed on the consumers. They also put forward their concerns and asked the Government to issue certain clarifications to remove any doubt or confusion among the traders.
The meeting was attended among others by the Revenue Secretary, Hasmukh Adhia, Secretary, Food and Public Distribution, Preeti Sudan, J.P. Prakash, Secretary, Pharma, Chief Economic Adviser, Arvind Subramnian, Chairperson, CBEC , Vanaja N Sarna among others. From the Trade and Industry side, the meeting was attended by representatives from CII, FICCI, ASSOCHAM, NARED etc along with otherr trade and industry representatives of specific sectors.