GST Council Sets Up Panel To Select Anti-Profiteering Agency Members
GST Council sets up panel to select members of anti-profiteering body.
The Goods and Services Tax Council has constituted a selection committee to be chaired by Cabinet Secretary PK Sinha to identify members and head of the National Anti-Profiteering Authority, the finance ministry said in a release on Tuesday.
The authority is tasked with ensuring that benefits of lower tax rates under GST are passed on to consumers. It would be headed by a secretary-level officer of the Government of India, and will have four technical members from both the state and central governments.
According to anti-profiteering rules, complaints received on not transferring benefits will be examined by a Standing Committee comprising officers from state and central governments and nominated by the GST Council.
...if the application relates to a local matter in which the business is located in only one state, it shall be first examined by a state-level screening committee.Finance Ministry Release
The Standing Committee is empowered to refer cases requiring detailed enquiry to the Director General of Safeguards, who will then give his recommendations to the National Anti-profiteering Authority.
The authority can seek to recover the profiteered amount – the undue profit earned from not passing on gains from lower taxes – along with an 18 percent interest. It can also levy a penalty.
“If the undue benefit cannot be passed on to the recipient, it can be ordered to be deposited in the Consumer Welfare Fund,” the release said.