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Withdrawal of input tax credit increased our costs, says Amit Jatia of Westlife

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Earlier this month, goods and services tax (GST) rates on restaurants had been reduced to 5 percent from 18 percent. However, Westlife Development is in focus essentially because McDonalds India has hiked base prices to keep the overall prices same. CNBC-TV18 spoke to Amit Jatia, Vice-Chairman of Westlife Development for more details.

We welcome government’s move to bring down GST from 18 percent to 5 percent. For the organised players, the real cost is not 5 percent – the government while bringing 5 percent down, took away the benefit of input tax credit. The input tax credit which was available to us for the last 20 years has now been taken away which added cost, he said.