November 19, 2017 6:51 AM

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Union Finance Secy Hasmukh Adhia asks India Inc to pass on benefits of GST rate cuts to consumers

Union Finance Secretary Hasmukh Adhia today asked India Inc to pass on the benefits of Goods and Services rate cuts to the consumers. He said that the consumers can refer to the GST rate finder to know the new rates. Speaking exclusively to DD News, Dr Adhia said the Fast-moving consumer goods firms and big corporates will have to ensure that retailers pass on the benefit of GST rate cut to consumers and sell their products only after lowering the Maximum Retail Price. He also said it is absolutely necessary for every retailer to ensure that wherever MRP is written on a product, it is inclusive of all taxes.On concerns over small businesses coming under the lens of the anti-profiteering authority, the Finance Secretary said it will take action only against big organised sector companies because they have the full retail chain and they decide the MRP.Dr Adhia also said that Moody's upgrading the India's sovereign rating will boost the investment and growth in the country.

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