GST will demonstrate profiteering on profiteering, government created authority for customers


  • GST will demonstrate profiteering on profiteering, government created authority for customers
    GST will demonstrate profiteering on profiteering, government created authority for customers
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In order to curb the traders who have not availed the benefits of reduction in price, the Government has decided to set up National Anti-Profit Authority, National Anti-Profit Authority, despite the low tax rates in the goods and services tax GST system. The decision was taken in a Cabinet meeting chaired by Prime Minister Narendra Modi here on Thursday. Law and Justice Minister Ravi Shankar Prasad told reporters after the meeting.

He said that under the GST system, only 50 items are in the highest tax slab by 28 per cent tax. In the last meeting of the GST Council, 178 items were removed from 28% slab and placed in 18% slab. Also, tax rates have been reduced on some other items as well. In order to ensure the benefits of this to the customers, anti-profitious authority is being formed.

It is worth noting that such reports have come that despite tax rates on the restaurant from 18 percent to 5 percent, some operators increased the price of the goods. This did not get the benefit of reduction in tax rate customers

It is notable that the GST system has been implemented in the country from July 1 this year. According to the anti-profiting law, if the tax rate in GST has decreased compared to the effective rate of all taxes on any item or service before the GST is implemented, then the benefit must be given to the customers.

If a business does not do this then obviously a case of profiteering is made. The Authority has been constituted for the hearing and action of complaints related to such cases. There is a system of economic penalties on profiteering.
 



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