Quick Summary
The government is likely to revive an anti-profiteering framework alongside the upcomingGST rate rationalisation, ensuring that businesses pass on tax benefits to consumers without delay, people familiar with the matter said. The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet in New Delhi on September 3-4 to deliberate on a landmark proposal to reduce the current four GST slabs to just two. If approved, the restructuring could make a wide range of everyday items signific
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FAQ :
The government is considering reviving the anti-profiteering mechanism to ensure that businesses pass on the benefits of upcoming GST rate cuts to consumers without delay.
The GST Council is scheduled to meet in New Delhi on September 3-4 to discuss proposals for reducing the number of GST slabs.
The proposal aims to reduce the current four GST slabs to just two. It's suggested that 99% of items taxed at 12% might move to the 5% bracket, and 90% of goods currently at 28% could shift to 18%.
Section 171 of the CGST Act, 2017, empowers the government to authorise an authority to monitor if businesses are passing on tax benefits from reduced rates.
The NAA ceased operations in November 2022. Its responsibilities were initially shifted to the Competition Commission of India (CCI), which faced limitations, and the function is recommended to transfer to the GST Appellate Tribunal from October 1, 2024.
The proposed changes aim to provide tax relief to consumers, potentially making everyday items cheaper. The government wants to ensure these savings are reflected in prices as a festive gift, rather than just marketing discounts.
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