The National Anti-Profiteering Committee owns an overarching mandate under GST. The Indian GST, a complex indirect tax structure, categorizes goods and services in five tax slabs viz.
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The National Anti-Profiteering Committee owns an overarching mandate under GST. The Indian GST, a complex indirect tax structure, categorizes goods and services in five tax slabs viz.
The government has done the numerous number of changes in the e-way bill system, giving incredible help to the small businessmen.
The Indian Government has sent letters to Fast Moving Consumer Goods (FMCG) companies and industry stakeholders to revise the MRP on existing stocks and must clearly show the difference that there is a reduction in GST rates has made.
Daily-use household items now become cheaper after the reduction of tax rates in 23rd GST Council Meeting. In the last meeting of GST Council, the tax rates have been reduced by the GST council nearly on 200 items.
The GST council has offered a relaxation to all the FMCG companies which are into taking advance from the dealers and stockists before supplying the goods to the market by exempting them from GST on all such kind of advances.
FMCG dealers, who are unable to get credit on their past stock due to unavailability of Tran-2 form, are forced to pay tax from their own pocket.
Several renowned FMCG companies such as Dabur, Hindustan Unilever (HUL), Marico, Emami have performed both ‘well and hell’ in the first quarter after the implementation of GST while also, their sales have not been influenced due to destocking of GST, said industry experts.
FMCG companies made a full proof plan to by-pass anti-profiteering measure to ensure its benefits and profits, letting common people go in the bin.
In a mass movement strategy, now most of the reputed FMCG and IT firms are likely to file petitions in the court of Mumbai and Delhi to seek more clarity on the anti-profiteering clause of the GST.