On Wednesday National Anti-Profiteering Authority has requested his tax council to convey the advantage of GST price which gets diminished on things relevant to covid things. It is indeed asked to give priority to the common consumer complaints.
Beneath the GST act NAA which is a law, the mechanism is allocated to convey the relief in the declined GST rates Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab rates like 5%, 12%, 18% and 28% through the GST authorities indeed they ensure that the input tax credit is furnished to the applicants through a commensurate reduction in the prices by the suppliers.
In an office memorandum (OM) sent to top GST officials in the Centre and to the States, NAA Secretary AK Goel urged them “to take all possible steps envisaged under the GST Laws to ensure that the legislative intent of Section 171 of the CGST Act is complied with and to issue directions to your officers to take action as mandated” beneath the statutory. Moreover, the power beneath the law is to be practiced for the collection of the evidence that might be required to take action towards the offending suppliers.
Goel appended that “I have also been directed to request you to take up the complaints filed by consumers on priority and to forward the same to the Anti-Profiteering apparatus i.e., the State level screening committee and the Standing Committee in Anti-Profiteering,”
Rajat Bose, Partner with Shardul Amarchand Mangaldas said on the OM that it is a process towards the effective direction. “The government should give wide publicity to Section 171 of the CGST Act and educate the consumers of their rights against companies who are not passing on the benefit of reduction in GST rates on Covid-related items,” he commented.
The GST official meeting held on June 12 stated that there is NIL or lower prices of GST on the 18 covid relief products for the restricted duration. This consists of medicines, hand sanitizers, pulse oximeters, temperature checking equipment, etc. As per the finance ministry who has given a notification on 14 June ordering NIL tax for medicines such as Tocilizumab and Amphotericin B, and 5 % GST on Remdesvir and Heparin (anticoagulant).
There is 5% GST which is liable for among the other products for the hand sanitizers, pulse oximeters, and oxygen concentrators/ generators alongside.
National Pharmaceutical Pricing Authority (NPPA) has urged the pharma industry and marketing firms along with the formulations and medical devices to change the Maximum Retail Prices (MRP) upon the grounds of lower GST. They had questions to the firms to follow the rules of the lower tax on the existing inventory.