Noting that the Goods and Services Tax (GST) anti-profiteering clause could lead to hardship, industry chamber Assocham said on Sunday that there should be more clarity in rules to curb price hike arising from a rollout of the new indirect tax regime, saying tax authorities will need to be more sensitive to avoid undue harassment of assessees. “With the National Anti-Profiteering Authority being established, the Confederation of Indian Industry (CII) has called for greater clarity in rules to curb price increase arising from GST,” it said. CII noted that several factors contribute to pricing decisions, such as supply and demand conditions, as well as suppliers’ costs and taxes. “The anti-profiteering clause of GST law should provide clarity on rules and regulations regarding assessment of valuation and impact of taxes,” it said. “Effective anti-profiteering provisions that are clear are needed to ensure GST provides tax benefits to consumers,” the statement added.

Source: Hindustan Times January 07, 2018 06:11 UTC