New Delhi, April 28, 2017

Consumers are entitled to benefit of lower taxes

Finance Minister Arun Jaitley on Friday indicated that prices under the goods and services tax will not see any significant change.

"Profit or profiteering is not a bad word, but unfair enrichment is. And therefore the benefit of reduction in taxation is a benefit that consumers are entitled. And that's not a principle that can be seriously contested," he said at the annual general meeting of CII.

His comments come at a time when a committee of officers under the GST Council is finalising the fitment of commodities into the four-tier rate structure.

The GST Council will meet on May 18-19 to finalise the finalise the tax rates on each items.

Jaitley also said that the GST Council is now in final stages of fixing tariffs for different commodities. "The formula under which it is being done has also been explained and therefore nobody is going to taken by surprise, it's not going to be very significantly different," he said.

[The Hindu Business Line]