Potential Profiteering by Watch companies
Govt of India reduced gst on watches from 28% to 18%
However most of the watch makers/importers have failed to pass on the GST.
Infact prices of watches have actually been increases twice forget passing the 10% tax cut.
Can profiteering authorities please atleast seek information from watch companies like Swatch etc and let them prove that they have passed the benefits. more
Most of the companies not passed Reduced GST to general public. MRP is in their hand. They managed well to increase their input cost. more
since in india manufacturers are not that honest and always look for loopholes in the law to make profit and in this confusion as to when it will be applicable and way the implementation takes place and unless the gst council puts fines on every one who mal practices which takes time they escape the law more
Even prices of essentials including medicines have gone up many fold since introduction of GST. Why? more
As far as I understand Titan has passed on the benifit of GST rate redction by offering discount of approx 10%.in invoices. more
Friends, this is nothing new. This practice of profeetering was going on from the day our country first introduced Excise n Customs duty on thousands of products. From time to time some measures were announced by the govt.giving reduction in excise duties, custom duties to promote exports n boost up production.
The manufacturers n exporters were getting duty drawback, dreaming modvat benefits, we never bothered to know this or were aware that such duty drawback or modvat to be passed on to the end buyer. Now that GST is introduced we started talking about progesterone n anti profiteering.
Why so? more