Companies, including FMCG firms, might be prosecuted if their retailers do not immediately cut the prices of products whose goods and services tax (GST) rates have been slashed. Union Finance Secretary Hasmukh Adhia says the retailers or the companies cannot continue with higher prices on grounds that the old stocks have not been exhausted.
“We have made provisions for the companies to claim the difference from the government as input tax credit. But I am not willing to accept their argument to postpone passing on the benefits to consumers till they have disposed of their old stocks.”
Companies, including FMCG firms, might be prosecuted if their retailers do not immediately cut the prices of products whose goods and services tax (GST) rates have been slashed. Union Finance Secretary Hasmukh Adhia says the retailers or the companies cannot continue with higher prices on grounds that the old stocks have not been exhausted.
“We have made provisions for the companies to claim the difference from the government as input tax credit. But I am not willing to accept their argument to postpone passing on the benefits to consumers till they have disposed of their old stocks.”
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