GST Council Passes Anti-Profiteering Laws Ahead of Launch
Anti-profiteering laws are an important part of the GST law. The Council has approved the clause in its recent meeting and warned against non-compliance.
Updates from 18th June, 2017
In its seventeenth meeting held at Vigyan Bhavan, Delhi, the GST Council passed an important legislation that will protect end-consumers from an unnecessary hike on prices under GST. The anti-profiteering clause in the GST law mandates that all businesses have to pass on the benefits they get from lower tax rates and ITC, to the end consumer. Also, in cases where the levy is going up, businesses should not end up taking unfair advantage of the consumers.
Not being compliant with these provisions can result in businesses having their registration cancelled and being asked to pay heavy penalties.
As reported in Times of India
