Department of Trade, Office of Consumer Protection and Department of Revenue and Customs will now strictly monitor the price of goods and services in the country.
This is to ensure that the fall in price following the introduction of Goods and Services Tax (GST) in India are passed down to the consumers. Officials said consumers can now enjoy the drop in the prices of commodities imported from India.
The prices of goods imported from India have now decreased substantially. For instance, on an average, the import of rice, cereals, medicine, fertilizers and yarn have decreased by about 13 percent. The semi-finished goods and fabrics decreased by about 14 percent. The fall in the import prices of vehicle are seen the highest. On an average, the vehicles exceeding 1,500 cc saw a drop in the prices by 21 percent and about 14 percent for vehicles below 1500 cc.
“The benefits will start the moment the dealers, importers buys from GST registered firms in India or manufacturers directly,” said the Officiating Secretary of Economic Affairs Ministry, Sonam P. Wangdi. “We will ensure that the benefits are passed down.”
The defaulters will be made to pay fines equivalent to the value of goods or services and the business license may also be cancelled.
“Today most of them are not fully aware and they may say that there is not much difference but we are working with manufacturers and principal companies,” added Sonam P. Wangdi. “Once we have the full information, all will have to comply.”
Except for five petroleum products such as diesel, petrol, natural gas and automatic transmission fluid, there is no taxes on import of goods, since India implemented GST in July this year. But GST will have no impact on the prices of the essential items, as it is tax free.
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