The government has started preparing to take new steps against the tax evaders and illegal traders under the GST. While the talks for the formation of GST regulator and monitoring of anti-profiteering committee may end very soon. According to media reports, this decision is expected in the Cabinet meeting chaired by Prime Minister Narendra Modi. It is in the discussion that the panel may include four technical members, including the Chairman to handle the responsibilities.
Terms and conditions of committee and members:
- The Authority will be working for a total of two years and after which the committee will dissolve. This period will be deemed to be the date of assuming the charge of the Chairman.
- The Chairman of the Authority and the age limit of four members is less than 62 years according to the rules.
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Compensation:
- The chairman of the secretary level will receive 2.25 lakh monthly salary and other allowances and benefits according to the compensation decided
- While if a retired officer is made the Chairman, then the pension will be reduced in the amount of 2.25 lakh as monthly salary he will be receiving
- Technical members will get other allowances and benefits including Rs 2.05 lakhs. Everyone will be official rank holder along with the secretary
GST Council has already given clearance to the formation of a five-member National Anti-profiteering Authority to curb the non-issuance of profits to the buyers under the tax rates of Goods and Services Tax.
