-
Jun 21, 2017
-
Pass on GST Benefits to Consumers or Get Licence Scrapped
Any business entity that fails to pass on benefits from lower taxes under the goods and services tax (GST) to consumers faces penalties and cancellation of licence under the new antiprofiteering rules.The rules notified on Tuesday allow for a five-member National Anti-Profiteering Authority that would be empowered to force reduction in prices to the extent of lower taxes, and impose penalty or even cancel registration under the Central GST Act, effectively stopping an entity from doing business.A secretary level officer in the government will head the authority that will have powers to force a business to return any undue profit earned by not passing the benefit of lower taxes to consumers along with 18% interest.
Source -
http://epaperbeta.timesofindia.com
|