Home / Knowledge / News / Textiles / Jaitley asks industry to pass on GST benefits to consumers
Jaitley asks industry to pass on GST benefits to consumers
30
Jun '17
Finance minister Arun Jaitley interacting with trade representatives on GST in Delhi. Revenue secretary Dr Hasmukh Adhia and chief economic adviser Dr Arvind Subramanian are also seen. Courtesy: PIB
Finance minister Arun Jaitley interacting with trade representatives on GST in Delhi. Revenue secretary Dr Hasmukh Adhia and chief economic adviser Dr Arvind Subramanian are also seen. Courtesy: PIB
Union minister of finance Arun Jaitley has asked the representatives of trade and industry to ensure that all benefits arising due to the implementation of Goods and Services Tax (GST) from July 1 are passed on to the consumers in a transparent manner. Jaitley had held a meeting with trade and industry representatives on the eve of GST rollout in Delhi.

Making his opening remarks at the meeting, the finance minister said that overall incidence of tax after implementation of 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 a large number of traders have registered themselves and the GST Network and other official machinery is fully ready for smooth roll-out of GST from July 1, 2017. He said that he is sure that 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 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 to 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 Dr Hasmukh Adhia; secretary, food and public distribution Preeti Sudan; JP Prakash, secretary, pharma; chief economic adviser Dr Arvind Subramnian; and 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 trade and industry representatives of specific sectors. (KD)

Fibre2Fashion News Desk – India


Must ReadView All

UK retail firms urge Hammond to ease business rates burden

Textiles | On 20th Nov 2017

UK retail firms urge Hammond to ease business rates burden

Top British retail company CEOs have urged UK finance minister...

L-R: Surya Ajay Agarwal (Director - Donear), Vikram Mahaldar (MD - OCM) & Rahul Rajendra Agarwal (Director - Donear)

Textiles | On 20th Nov 2017

Promoters of Donear Group acquire OCM Woolen Mills

The promoters of Mumbai-based Donear Group have announced the...

Courtesy: Cornell

Textiles | On 20th Nov 2017

Cornell’s tech allows customisation of woven fabrics

Cornell Professor Steve Marschner and Rhode Island School of Design...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search