The government has claimed that Goods and Services Tax (GST) regime has brought about reduction in tax rates of most of the commodities to be consumed by the weaker sections of society. Minister of State for Finance Santosh Kumar Gangwar elaborating it has said that the GST’s self policing mechanism will bring about transparency and accountability in business transactions, ensuring the gains are passed on in the form of reduced prices of goods and services.
Gangwar further said that the GST would positively impact the country’s business environment and help the domestic sectors become more competitive.
The Minister of State for Finance also said that following the GST implementation, the government will soon come up with an anti-profiteering authority which will help to ensure the benefit of tax reduction is passed on to consumers.