CBEC Chief Clears Revision Rates Under Council Consideration

After the hustle and uproaring over the tax rates decided by the GST council in the recent time, the Central Board of Excise and Customs Chairperson Vanaja Sarna clears that the revision of any tax rate of whether good or services is solely at the discretion of GST council and no one else.

The Chairperson Vanaja Sarna mentioned in a statement that, “We have been getting representations from various industries and businesses to revise rates. So, whether any of the items will be opened for revision or not, it is something the council will take a call on that. It is meeting on June 3.”

Industries from all over the nation including traders, FMCG and automobiles are continuously knocking the doors of union government along with concerned departments for the revision of the tax rates as told by the chairperson at the inauguration of the new campus of the National Academy of Customs, Indirect Taxes, and Narcotics.

She also mentioned that “the Council could revise rates if there is any justification for reconsideration, All these issues can be taken up later. It is not as though it is sealed. If there is any justification for reconsideration, I am sure the Council will take it up, but the July 1 deadline for rolling out GST could make it difficult for the Council to reconsider tax rates.”

“At this stage, it will be very difficult to say if the council will actually reopen (revise) any of the rates because of the time factor involved in bringing out the GST. So it is a call that the council will have to take, One must remember, if you open up any of these, then there will be no stop to revisionary demands.” Chairperson added

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The Central Board of Excise and Customs Chairperson Vanaja Sarna though cleared that the anti-profiteering committee isn’t ready yet but the government holds every right to cross-question any entity who defaults over the price rise issue and take strict actions towards it.

She told that, “The anti-profiteering agency is yet to be set up, but we will have all the rights to question the industry against hiking prices arbitrarily, The anti-profiteering provision was included in CGST law to ensure a commensurate reduction in prices for consumers if there is a lowering of tax rate for goods and services.”