By Accommodation Times Bureau
Delhi/NCR: In order to propel the companies to pass on gains, the GST Council is going to soon start publishing rates of various products. Noticeable is that, some states were creating pressure for the same on GST council.
“To begin with, 150 items will be taken up. It will have a detailed explanation of previous taxes and prices as well as new prices after GST. It will also explain the price differential between the two tax regimes,” said an official on the condition of anonymity.
Once the campaign with 150 products takes off, the council wish to add more items in the list.
“This will only be illustrative.”, said one more officer of the council.
The government has released a mobile app listing the tax rates , after discussing thoroughly the plan for a detailed price list, incorporating the impact of GST.
Trusted sources has informed that Kerala, West Bengal and Bihar has taken initiative and has led the charge at August 5th meeting ,to accelerate the process and to pressurize companies to reduce prices, as several ministers complained that prices have not come down after GST.
“There is a need to end this perception to ensure acceptance of GST among consumers,” said one of the officials.
Keeping prices under check after the rollout of GST is a key motive of the government, and the state’s demand for a product-specific explanation of differences in prices found favor with the Centre.
Some ministers were arguing to let companies decide on pricing, at least in the short term. Their point was that it will be against the spirit of empowering businesses. “What they want is price control, which will result in inspector raj,” said a source.