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Govt to soon set anti-profiteering rules to pass GST rate cut benefit

Govt to soon set anti-profiteering rules to pass GST rate cut benefit

GST, taxes

The government is at the advanced stage of finalising anti-profiteering guidelines for judging parameters whereby benefits of reduced GST rates are passed on to the end consumer, a tax official said on Wednesday.

A statement issued by the PHD Chamber of Commerce quoted Member (GST), CBEC, Mahender Singh as also having said that “glitches in e-way bills would be removed since functionaries in the GST regime are having diverse and intensive discourses with senior functionaries of all states and UTs, emphasising that e-way bills is since a new concept introduced post GST may have problems relating to its implementation”.

According to the statement, Singh announced that 15 states have already agreed for smooth implementation of intra-state movement along with inter-state movement of goods via e-way bills from February 1 and hoped that the other states and union territories would be able to put in place intra-state e-way bills smooth facilitation by June 1, 2018.

“Anti-profiteering is a temporary measure and as the GST is stabilised in due course of time, the anti-profiteering authority would be wound up,” he said, according to the statement.

The GST was rolled out from July 1 and the government had constituted the National Anti-Profiteering Authority in November.

source by:-business-standard