CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Delhi High Court has confirmed the constitutionality of anti-profiteering measures of the Goods and Services Tax (GST).
What Exactly Does "Anti-Profiteering" Mean Under GST?
Any reduction in the GST rate or benefit from input tax credit should be passed on to the end customer rather than retained by the firm. This forms the basis of GST's anti-profiteering rules.
Under anti-profiteering regulations, it is illegal for a business to fail to pass on the benefits of the GST rate to the end consumer, resulting in illicit profiteering.
Who Regulates Anti-Profiteering Under GST?
The Anti-Profiteering Rules, 2017 (specified in Section 171 of the Central Goods and Services Tax Act 2017) prohibit entities from making excessive gains as a result of the GST rate reduction.
The government established the National Anti-Profiteering Authority (NAA) to identify and prosecute taxable registered individuals who engage in illegal profiteering.
The NAA has the authority to establish the methodology and procedures for deciding whether a taxable person is engaged in illicit profiteering.
Report To The Anti-Profiteering Authority
Any interested party who has reason to believe that a taxable person is illegally profiting from GST can report the matter to the local screening committee.
The State Level Screening Committee, which is made up of State Government officers, will look into the case.
If the screening committee finds that the evidence is credible, it will transmit it along with suggestions to the Standing Committee on Anti-Profiteering, which is made up of officers from both the State and Central governments.
If the Standing Committee finds sufficient evidence to conclude that the taxable person participated in illicit profiteering, the committee will send the case to the Director General of Safeguards for a thorough investigation.
Investigation By The Director General Of Safeguards
The Director General of Safeguards shall investigate any matters reported by the Standing Committee.
The Director General of Safeguards will gather evidence, conduct an inquiry, and notify interested parties. The notice must include the following information-
The description of the products or services for which actions have been launched.
A summary of the facts supporting the claims.
The time limit for interested parties and other persons with information about the proceedings to provide a response.
Once all of the information and hearings have been completed, the Director General of Safeguards will provide a report of findings.
The Director General of Safeguards shall produce a report on the results within three months, or six months if an extension is granted.
Order under Anti-Profiteering Provisions: After all processes have been completed and a report has been acquired from the Director General of Safeguards, the Committee Members will issue an order. An order issued by the Authority could mandate-
Price reduction.
Return to the recipient an amount equal to the amount not passed on in the form of a corresponding price reduction, plus interest.
Penalties are imposed in accordance with the Act.
Cancellation of GST registration.
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