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)
Fibre2Fashion.com – India
| On 22nd May 2022
China recently cut the market-based benchmark lending rate to shore...
The Comprehensive and Progressive Agreement for Trans-Pacific...
| On 22nd May 2022
China's cross-border e-commerce has rapidly grown in the last few...
Switch was not 100% pandemic related
Sustainable and eco-friendly fibres remain in the minority
Next level is to inject new features:
Juan Pares Boj
Textil Santanderina is a cutting-edge textile company located in...
Adaptive Control automates, controls and monitors machines, systems and...
<div>Engaged in providing a wide range of services to the entire cotton...
Alexium International is a specialty chemical development company...
Thomas Ong P S
Malaysian company NanoTextile Sdn Bhd taps into the potentials of...
Kevin Young & Tom Lucas
Web Industries is a precision formatter of nonwoven materials used in baby ...
Label Gavin Miguel
Acclaimed fashion designer <b>Gavin Migue</b>l is known for his couture...
Label - Rocky Star
<b>Rocky Star,</b> an Indian designer known for his inspiration from the...
Label - T*MITROVSKA
T*MITROVSKA is a highly conceptual London-based brand playing with...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.