Follow my blog with Bloglovin
Friday , 18 January 2019
Breaking News

GST Council panel to select National Anti-profiteering Authority

New Delhi, July 25 (IANS) The GST Council has formed a selection committee headed by the Cabinet Secretary to identify and recommend eligible persons for appointment as the chairman and members of the National Anti-profiteering Authority.

The National Anti-profiteering Authority under GST is tasked with ensuring that the full benefits of a reduction in tax on supply of goods or services flow to the consumers.

“When constituted by the GST Council, the National Anti-profiteering Authority shall be responsible for applying anti-profiteering measures in the event of a reduction in rate of GST on supply of goods or services or, if the benefit of input tax credit is not passed on to the recipients by way of commensurate reduction in prices,” an official statement said here on Tuesday.

The National Anti-profiteering Authority is to be headed by a senior officer of the level of a secretary to the government of India and is to have four technical members from the Centre and/or the states, according to the provisions of the law.

The already notified rules on anti-profiteering measures provide that applications seeking to invoke anti-profiteering measures shall be examined by a standing committee. However, if the application relates to a local matter, when the business is located in only one state, it shall be first examined by a state level screening committee.

The standing committee is empowered to refer cases requiring detailed inquiry to director general of safeguards, Central Board of Excise and Customs (CBEC), who shall give his recommendation for consideration of the National Anti-profiteering Authority, the statement said.

The constitution of the National Anti-profiteering Authority is expected to bolster consumer confidence and ensure all stakeholders reap the intended benefits of the GST.

Post Source: Ians feed

Comments are closed.

Scroll To Top