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On Tuesday, The Central Board of Excise and Customs (CBEC) has taken one further step and create anti- profiteering body in new GST Regime. As per the Anti- Profiteering Rules declared on Tuesday if any business firm fails to pass the benefits of lower tax rates to consumers must have to face penalties and cancellation of licence in new GST Regime.
GST is an added advantage to the tax compliance of the nation with its dynamic applicability in the current environment of the fast-paced economy.
Finance Minister Arun Jaitley said on Tuesday, small business industries have been provided sufficient time to get ready for the new GST Regime from 1st July.
Transition provisions under the GST laws address three important issues, related to all those Transitions of registrations, Transition of credit of central taxes paid on goods in stock and Transition of credit of state taxes paid on goods in stock.
Under the indirect taxation regime, all other indirect taxes such as VAT, excise duty and service tax will be replaced and the buyer will have to pay a single 12 percent tax, excluding stamp duty on the purchase of house or apartments.
As expected Goods and Services Tax (GST) Act, 2017 has changed the Indian tax system fundamentally and is the biggest tax reform since Independence.
One of the complex taxation structure Goods and Service Tax (GST) Regime will come into force from 1st July. Due to some complexities or problems in the new regime, the government itself is not confident enough how things will work out.
The anti-profiteering clause of new indirect taxation structure seems like ineffective with no powers. The government has not framed restrict rules or regulations under this, in fact, suo moto will do more research on the anti-profiteering provision of GST Regime.
FMCG companies made a full proof plan to by-pass anti-profiteering measure to ensure its benefits and profits, letting common people go in the bin.
