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CAIT is of the opinion that in the past, whenever there was any reduction in the tax rate, the price of the respective commodity was never reduced by the manufacturers at large and the consumers were denied benefits. In order to avoid such an anomaly, CAIT has approached the finance minister.
“This step will see to it that the manufacturers declare prices of their products pre and post GST period. This will not allow them to make any adjustments and it will become easy to gauge whether the prices have been affected by inflation or not, post GST,” CAIT said in a statement.
CAIT national president BC Bhartia and secretary general Praveen Khandelwal said that four rates under GST have been carved out to curb prospects of any inflation. Trade and industry will get full input credit for the GST paid by them on purchase of any goods. Over and above, input credit will also be available on taxes paid on every expense incurred. Input credit is also available on goods purchased from other states. After enjoying such deep input, the prospects of inflation stands almost zero.
In current VAT regime, no input credit is allowed on expenses or goods purchased from other states. Since GST is a combination of both goods and services, input credit is also available for the taxes paid on obtaining any services related to business. All these benefits of input credit will certainly keep the manufacturing cost low and the consumer should be entitled to enjoy benefits, they said. (RR)
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