New Delhi, Sept. 5 -- Indirect tax authorities will closely monitor prices after the Goods and Services Tax (GST) rate cuts kick in on 22 September to ensure consumers get the full benefit, according to a top official.

"We'll be keeping a very close watch of the price trends and wherever we receive any complaint from any segment that the tax benefits are not being passed on by the industry to consumers, we will take up with the appropriate industry bodies to ensure that benefits are passed on to the ultimate consumers," Sanjay Kumar Agarwal, chairman of the Central Board of Indirect Taxes and Customs (CBIC), said in an interview to Mint.

The GST Council on Wednesday retained only two GST slabs of 5% and 18% and abolished 12% and 28%, re...