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GST impact: Tax rates reduced for commodities consumed by weaker section

An anti-profiteering authority will be set up to ensure the benefit of tax reduction is passed on

Press Trust of India  |  New Delhi 

GST impact
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The (GST) regime has reduced the of most consumed by the weaker section of society, was informed on Tuesday.

The law contains a "self policing" mechanism which will bring about transparency and accountability in transactions, ensuring the gains are passed on in the form of reduced prices of goods and services, Minister of State for Santosh Kumar Gangwar said.

"The regime has brought about reduction in of most of the to be consumed by the weaker sections of society, thereby benefiting them," he said in a written reply to a question in the

The passing of will have a positive effect on the of the country. "It is expected to positively impact the environment in the country and help the domestic sectors become more competitive," Gangwar said.

GST was rolled out from July 1 and an anti-profiteering authority will be set up soon to ensure the benefit of tax reduction is passed on to

In a separate reply, Minister of State for Arjun Ram Meghwal said the government attaches highest priority to

As per the Labour Bureau data, 1.22 lakh additional jobs have been created in eight sectors, including manufacturing, construction, trade, transport, accommodation and restaurants, IT/BPO, and health, from October 1, 2016 to January 1, 2017.

"This addition is higher than jobs created during the previous two quarters," Meghwal said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, July 25 2017. 19:14 IST