Named the National Anti-Profiteering Authority (NAA), the body will provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to consumers. Still, the anti-profiteering body is a temporary one, part of the transitory phase as India moves to a unified tax regime. Read more: GST rate on restaurants slashed to 5%: Will eating out get cheaper? In rare cases, a profiteering business could lose its GST registration too. It also decided to lower the tax rate on 54 other items that includes diabetic food, refined sugar and bamboo furniture.

Source: Hindustan Times November 16, 2017 12:10 UTC