Skip to main content

GST anti-profiteering authority to aid consumer confidence

By

The proposed anti-profiteering authority under the GST will bolster consumer confidence and ensure that the intended benefits of the new indirect tax regime reach the common man, the finance ministry said today. 
A selection committee under the chairmanship of the cabinet secretary has been set up to select eligible persons for appointment as the chairman and members of the National Anti-Profiteering Authority under the Goods and Services Tax. 
The proposed authority will have the responsibility to ensure that the full benefits of a reduction in tax on supply of goods or services flow to the consumers. 
"The constitution of the National Anti-profiteering Authority is expected to bolster consumer confidence and ensure all stakeholders reap the intended benefits of the GST," the finance ministry said in a statement. 
The authority shall be responsible for applying anti- profiteering measures in the event of a reduction in rate of the GST on supply of goods or services or, if the benefit of input tax credit is not passed on to the recipients by way of commensurate reduction in prices. 
Headed by a secretary-level officer, the authority shall have four technical members from the Centre and/or the states. 
Any complain of profiteering shall be examined by a standing committee. However, if the application relates to a local matter which the business is located in only one state, it shall be first examined by a state level screening committee, the ministry said. 
The standing committee is empowered to refer the cases requiring detailed enquiry to Director General of Safeguards, CBEC who shall give his recommendation for consideration of the National Anti-profiteering Authority. 
"In the event the National Anti-profiteering Authority confirms the necessity of applying anti-profiteering measures, it has the power to order the business concerned to reduce its prices or return the undue benefit availed along with the interest to the recipient of the goods or services," the ministry said. 
If the undue benefit cannot be passed on to the recipient, it can be ordered to be deposited in the Consumer Welfare Fund. In extreme cases, the National Anti-profiteering Authority can impose a penalty on the defaulting business entity and even order the cancellation of its registration under GST, it added. 
The Business Standard, New Delhi, 26th July 2017

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more