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Wednesday , 20 September 2017
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Government forms anti-profiteering body to protect consumer interests

The GST, which would be applicable from July 1, will make some things cheaper and other things costlier. These changes in prices may result in unethical practices in certain cases. Keeping this in mind, the government has formed an anti-profiteering body to protect consumer interests post GST. The anti-profiteering body has chalked out some very strict rules. For example, companies could end up losing their registration if they fail to pass on the benefits of GST to consumers. For example, if an item attracts reduced tax under GST, then it will be the responsibility of the manufacturer to ensure that the lower tax translates into reduced prices for end customers. The anti-profiteering body formed by the Central Board of Excise and Customs will regularly monitor prices of various goods and if anyone is found flouting norms, then action would be taken against such companies.

The government is very strict about protecting consumer interests since there’s already a growing sentiment that GST will increase prices of various goods and services. If companies start using unethical practices, then certainly the consumer sentiment would be extremely hurt. This is exactly what the government wants to avoid and towards that end, it has launched the anti-profiteering body. The Anti-profiteering body will have jurisdiction all over India, excluding only Jammu & Kashmir, which will be monitored by the Director General of Safeguards.

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