When the GST Council issued Anti-profiteering Rules 2017 on June 19, it left out some critical provisions. That is a crucial miss.So what does this mean for businesses - who is affected, why, in what way and how? First of all the state level Screening Committees will be eyes and ears on the ground in each state, responsible for reviewing cases of alleged anti-profiteering. Unfortunately no methodology has so far emerged - with GST just around the corner this leaves businesses in a real bind. Further, the cost calculations underlying their pricing decisions should be able to reflect the transmission of these elements further in the supply chain.Communication with your customers and clients is key in this whole area of managing anti-profiteering compliance.

Source: Economic Times June 28, 2017 03:47 UTC