GST council release the Final Anti-profiteering Rules,2017

Image result for gst anti profiteering images

The GST council in its 17th meeting held on 18th June, 2017 approved the  Anti-Profiteering Rules,2017.

The council may constitute a standing and screening committees in each state on Anti-profiteering  which will inspect if the supplier is passing the benefit of  reduction in rate of tax on goods or services to consumers under GST regime.

The standing and screening committees formed would handle the complaints of profiteering and would forward the same to the directorate of safeguard for investigation which will prepare a report on completion of the inquiry and forward the report to the authority.

The National Anti-profiteering authority shall on receiving the report from the directorate general of safeguard may pass the order and levy penalties, if the supplier has not passed the benefit of reduction in prices to the recipient -they may order to reduce the prices or return to the recipient equivalent amount with interest of 18% till the date of return of such amount or if the amount is not returned with interest the same shall be deposited to the fund.The authority may also  impose penalty as prescribed under the act or cancel the registration of the supplier.

Final Anti profiteering Rules, 2017 can be accessed here

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Leave a Reply

Your email address will not be published. Required fields are marked *

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates