GST
GST

Panel to select members of GST anti-profiteering body

The National Anti-profiteering Authority will be soon set up to monitor and take action in the event of a reduction in the rate of GST on supply of goods or services.

NEW DELHI: The National Anti-profiteering Authority will be soon set up to monitor and take action in the event of a reduction in the rate of GST on supply of goods or services and benefit of input tax credit is not passed on to the recipients by way of commensurate reduction in prices.

The GST Council on Tuesday formed a selection committee under the chairmanship of cabinet secretary to identify and recommend eligible persons for appointment as the chairman and members of the National Anti-profiteering Authority under GST. The National Anti-profiteering Authority is tasked with ensuring the full benefits of a reduction in tax on the supply of goods or services flow to the consumers.
This will be headed by a senior officer of the level of a secretary to the Government of India and shall have four technical members from the Centre and/or the states.

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. 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.

A consumer-friendly Authority
The National Anti-profiteering Authority under GST will ensure that the full benefits of a reduction in tax on supply of goods or services flow to the consumers. The Authority will have the power to cancel registration of any entity or business if it fails to pass on to consumers the benefit of lower taxes under the GST regime. It will suggest return of the undue profit earned from not passing on the reduction in incidence of tax to consumers along with an 18 per cent interest. It will be headed by a senior officer of the level of a secretary to the government of India.

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The New Indian Express
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