The GST Council, in association with the government, is soon going to start releasing the rate lists for different goods under GST. This is to inform buyers about the reductions in the price of products after the implementation of GST. The list will also include the information about the benefits of Input Tax Credits (ITC) received by companies on their GST taxes. This will greatly help buyers in determining the actual price of a product and avoiding to pay more GST than the liable rate.
“The Council is planning to launch the rates of 150 selected items for now. This will include the information of the pre-GST rates and taxes along with the post-GST rates of these goods,” said one of GST officials.
After the successful beginning of the venture, the Council will release information about more products subsequently. The step was taken in response to the increasing demands of some states including Kerala, Bihar and West Bengal for the fast release of the new, post-GST rates of products, forcing companies to sell their products at reduced rates.
Even the government wants to keep an eye on the prices after the implementation of GST and therefore, they also want to release the complete details of which product price has been affected by how much after GST. “The companies are trying to control the prices. This will lead to increase in ‘Inspector Raj’,” said a source.