Cabinet okays body to keep check on prices Under GST
The Union Cabinet has approved setting up of the proposed National Anti-profiteering Authority under goods and services tax (GST) to ensure consumers get the benefit of lower taxes under the new indirect tax regime. The decision came a day after the reduction in the GST rate on over 200 items came into force.
The five-member authority will have power to ask those not passing on the tax benefit to return the undue profit earned to consumers along with an 18% interest, cut prices and if the consumer cannot be identified, to deposit the amount in a Consumer Welfare Fund. In grave cases , it can impose a penalty and even cancel GST registration.