Economy

Appeal to industry to give consumers GST input credit benefit: Arun Jaitley

Appeal to industry to give consumers GST input credit benefit: Arun Jaitley”

Because of GST, the tax was hiked from 5 per cent to 18 per cent on most of the material like pipes, casings etc., and this was forcing the Government to bear an additional burden, he said. "There will be no check posts and the entire process will be technology driven", Jaitley said after the meeting of the panel.

Saying that the number of registrations have been satisfactory, Mr Jaitley said more than 71 lakh taxpayers have migrated to GST and 15.67 lakh new applications have been received.

TRS leader Jithender Reddy raising the matter in the Lower House, said that some of the projects in the state have come to a standstill, due to 18% GST rate. The council is also likely to examine whether contracts linked to irrigation can be bought down to 5%.

"I make an appeal to industry, through the media here, to pass on the benefit of input credit to consumers", he added.

"It will also take stock of the implementation and the registration under GST".

Arun Jaitley said he would look into the issue.

In order to bring relief to the farming sector, the rate for agriculture services linked to post-harvest and storage has been reduced to 12% from 18%.

The GST law also has an anti-profiteering provision meant to ensure that businesses pass on the benefit of lower tax incidence and availability of input tax credit to the consumers.

"In a written reply to a question in Lok Sabha, Jaitley said that each sectoral group has obtained feedback from the trade and industry and also held meetings with the various stakeholders and various Joint Secretary level nodal officers from various ministries".

The information technology forum for the e-way bill system is being created by the National Informatics Centre.



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