70% commodities to become cheaper under GST: ICAI

70% commodities to become cheaper under GST: ICAI

Business Standard:  June 30, 2017

New Delhi: With the goods and services tax (GST) set to be rolled out from July 1, the Institute of Chartered Accountants of India (ICAI) on Thursday sought to dispel the concerns about price rise due to the new indirect tax regime.

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The ICAI’s indirect tax committee chairman, Madhukar Narayan Hiregange, said prices of 70 per cent commodities would come down if the GST chain was not broken.

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A study by the institute has revealed that the GST regime would yield Rs 6,700 crore to the Delhi exchequer in the current financial year as people from the unorganised sector would come into the tax fold. In general, GST will also have a cascading effect on the direct tax collections of the state government, said Hiregange. Meanwhile, ICAI would launch a new course on the GST regime, which would be unveiled by Prime Minister Narendra Modi on July 1 — the day of the GST roll-out. The institute’s course was last revised 13 years ago.

 

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