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GST Anti-Profiteering Committee To Come Into Action If Rates Are Not Cut


The Union Finance Secretary once again warned companies to act on rate cuts rather soon or else face the consequence, the rate cuts in the last meet have to be passed across to consumers by retailers.

GST Anti-Profiteering Committee To Come Into Action If Rates Are Not Cut

And companies cant defer the price decrease for end consumers on lame excuses such as previous stock is still not cleared. The rates have to be effective from November 15.

It is the responsibility of companies to inform their supply chain about the new price, going all the way down from distributors to wholesalers and retailers if they wish to escape the glare of anti-profiteering action by the government." Said the revenue secretary Adhia.

The anti-profiteering committee on a national level is being given shape and complaints at local levels shall be treated by state-level committee while inter-state ramifications shall be cleared by a national level committee. And in case the air has been cleared and the committees at these levels are satisfied they would then be transferred to the Directorate General of Safeguards.

Story first published: Monday, November 20, 2017, 11:59 [IST]
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