Anti-profiteering panel to levy penalty
20th June, 2017Category:
The GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state finance ministers as members, today approved the anti-profiteering rules. A five-member anti-profiteering authority will be set up to decide on levying penalty if businesses do not pass on the benefit of price reduction to consumers under the goods and services tax regime.
The Section 171 of the Central GST Act provides that any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit will be passed on to the recipient by way of commensurate reduction in prices.
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