Powerd By SAG INFOTECH
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The Union Cabinet gave its consent for establishing a National Anti-Profiteering Authority under GST regime as it wants to make sure that the benefits of slashed prices under GST regime reach to common men.
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.
Tax Department officials continuously keeping an eye on the prices of goods and services after the implementation of the new indirect tax regime in the country. Manufacturers of consumer goods, mobile handset companies, and food chain restaurants have received the call from tax authorities department to provide invoice details before and after GST.
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.
The GST Council is again to set its 17th meeting on Sunday to discuss all those long awaited topic namely anti-profiteering and the e-way bill which was opposed by many sectors in which the transport sector was the major one.
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.
The GST still on the way and the companies with bigger and better brand image and full-size manufacturing units are calling for lowered price tags by the vendors to comply with the newly incorporated Anti profiteering clause. The new provision is set to pass the benefits of lowered taxes to the consumers and not to the manufacturers.
The Anti profiteering rules are stated by GST council to keep tax evasion and MRP rules under check. Goods and service tax is a wide tax scheme which has the target to engulf almost every taxpaying entity under its net.
