more-inThe Union Cabinet on Thursday approved the setting up of a National Anti-profiteering Authority under the GST, seeking to ensure consumers get the benefit of reduced prices under the new indirect tax regime. Union Minister Ravi Shankar Prasad said currently there were only 50 items that attracted the highest tax of 28% under the Goods and Services Tax (GST) regime and rates on many items have been cut to 5% as well. “The National Anti-Profiteering Authority is an assurance to consumers of India. The DG Safeguards would generally take about three months to complete the investigation and send the report to the anti-profiteering authority. If the authority finds that a company has not passed on GST benefits, it will direct the entity to pass on the benefits to consumers.

Source: The Hindu November 16, 2017 13:03 UTC