New Delhi: Finance minister Arun Jaitley on Friday promised not to spring any surprises in fixing tax rates under the new Goods and Services Tax (GST) regime, but asked corporate India to pass on the benefit of reduced taxes to consumers and not profiteer. To the domestic industry, Jaitley asked them to pass on to consumers the benefit of reduction in taxes under GST, which will eliminate the current compounding effect of different central and state levies. He said rules and regulations governing GST have been framed and fixing of tariffs for different commodities is in “final stages”. The GST council has finalized four rate categories of five per cent, 12%, 18% and 28% after unifying levies like central excise, service tax and VAT. And therefore, the benefit of reduction in taxation is a benefit that consumers are entitled to.

Source: Mint April 28, 2017 16:30 UTC