IAS officer Badri Narain Sharma appointed Chairman, GST National Anti-Profiteering Authority

On November 16, the Union Cabinet had approved setting up the five-member authority that is mandated to ensure that the benefits of GST rate reduction are passed on to consumers.

Senior bureaucrat Badri Narain Sharma has been appointed the Chairman of the National Anti-Profiteering Authority under the GST regime.
 
On November 16, the Union Cabinet had approved setting up the five-member authority that is mandated to ensure that the benefits of GST rate reduction are passed on to consumers. 
 
As per the structure of the anti-profiteering authority, local complaints will be first sent to the state-level screening committee, while those of national level will be marked for the standing committee. The respective committees would refer legitimate cases for further investigation to the Directorate General of Safeguards. The DG Safeguards would generally take about three months to complete the investigation and send the report to the anti-profiteering authority.
 
If a company is found to have not passed on GST benefits, the authority it will either direct the entity to pass on the benefits to consumers or if the beneficiary cannot be identified, it will ask the company to transfer the amount to the 'consumer welfare fund' within a specified timeline.
 
The authority will have the power to cancel registration of any entity or business if it fails to pass on to consumers the benefit of lower taxes under the GST regime, but this would probably be the last step against any violator.
 
The authority will suggest return of the undue profit earned from not passing on the reduction in incidence of tax to consumers along with an 18 per cent interest, and also impose penalty.
 
Source: ndtv.com

 


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