"There was a long discussion on anti profiteering.....Some industries not giving benefit of input tax credit. We want market mechanism to compel them to pass on the benefit," he said.He said states and Centre screening committee that are being created should be used minimal. The minister said E-way bill will not be required to transfer exempted goods.Work contracts under GST will be taxed at 12% with input tax credit.He said more than 71 lakh central and state taxpayers have migrated to the Goods and Services Tax (GST) system and and have completed registration. He appealed to businesses to pass on the benefit of the reduced tax under GST to consumers, failing which the anti-profiteering mechanism will be triggered. The Council will meet next on September 9 in Hyderabad , Jaitley added.

Source: Economic Times August 05, 2017 14:50 UTC