Are the reduced GST rates on commodities retrospective

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..... I would like the experts to kindly inform whether - The tax rates on commodities which the GST council has been reducing in almost every meeting is applicable retrospectively. This is because if it is so, then the prices of these goods should see a downward revision which necessarily does not seem to be the reality. And if this is the reality, then the Anti-Profiteering mechanism should come in .....

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..... to play. But is the department doing so? Moreover, even if the reduced rates are not retrospective, then the goods which are packaged prior to this reduction exhibit the prices which were arrived at on the basis of the higher taxation rates. How will the buyer come to know if he has been extended the benefit of the reduced tax rates? GST has become a mess as far as tax rates are concerned. Wh .....

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..... y cannot we go back to the old system of Tariff classification and prescribing tax rates rather than specifying the commodities and imposing tax rates. I fear that every GST council meeting there were would be a demand from so and so association of manufacturers to reduce the tax rates and we would be having a tax rate correction the year around. How can then one call this as One Nation, One t .....

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..... ax? God bless us all. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = It will be cleared only on the publication of notification. - Reply By KASTURI SETHI - The Reply = No possibility of retrospective effect. - Reply By Himansu Sekhar - The Reply = No alwayss prospective. If it will be retrospective refunds will be due to the people. - Are the reduced GST rates on commodities retrospective .....

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..... - Query Started By: - Abhishek Panicker Dated:- 9-10-2017 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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