GST rate cut: Union Cabinet gives nod for body to guard against profiteering
The authority will have the power to cancel registration of any entity or business if it fails to pass on the benefit of lower taxes under the GST regime to consumers. The Union Cabinet on Thursday approved the setting up of a National Anti-Profiteering Authority, a body with an overarching mandate to ensure that the reduction in tax rates under the new Goods and Services Tax (GST) regime gets passed on to consumers by way of lower prices. The anti-profiteering framework under the new indirect tax regime consists of the National Anti-Profiteering Authority at the top, a standing committee, screening committees in every state and Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC). The authority will have the power to cancel registration of any entity or business if it fails to pass on the benefit of lower taxes under the GST regime to consumers, and empowers consumers to approach it in case of any complaint. The move comes in the backdrop of the