GST Anti-Profiteering Authority Gets Cabinet Nod | LikeWike
News

GST Anti-Profiteering Authority Gets Cabinet Nod

The Union Cabinet on Thursday approved setting up of a National Anti-profiteering Authority under the GST, as it seeks to ensure that consumers get the benefit of reduced prices under the new indirect tax regime. Union Minister Ravi Shankar Prasad said currently there are only 50 items which attract the highest tax of 28 per cent under the Goods and Services Tax (GST) regime and rates on many items have been cut to 5 per cent as well.

“The National Anti-Profiteering Authority is an assurance to consumers of India. If any consumer feels that the benefit of tax rate cut is not being passed on, then he can complain to the authority,” Prasad told reporters after the Cabinet meeting.

This reflects government’s full commitment to take all possible steps to ensure benefits of implementation of GST to the common man, the minister said.

The approval by the Cabinet paves the way for immediate establishment of the apex body, which is mandated to ensure that the benefits of GST rate reduction is passed on to consumers.

The GST Council, chaired by Union Finance Minister and comprising state counterparts, had last week decided to slash tax rates on over 200 items in the GST regime as well as lowered tax rates on AC and non-AC restaurants to 5 per cent.

The Council had earlier approved setting up of a five-member National Anti-Profiteering Authority to enable consumers to file complaint in case price reduction is not passed on.

A five-member committee, headed by Cabinet Secretary P K Sinha, comprising Revenue Secretary Hasmukh Adhia, CBEC Chairman Vanaja Sarna and chief secretaries from two states, has been entrusted to finalise the chairman and members of the authority.

The authority will have a sunset date of two years from the date on which the chairman assumes charge. The chairman and the four members of the authority have to be less than 62 years.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *