The Central Board of Excise and Customs (CBEC) today released the format for filing of Anti-Profiteering application under the Goods and Services Tax (GST) law.
the anti-profiteering authority is a mechanism to examine whether the benefits of implementation of GST such as tax reduction or input tax credits availed by any registered person have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him, this is to ensure that the consumer is protected from arbitrary price increase in the name of GST.
Persons who want to make a complaint before the anti-profiteering authority can submit the application in the prescribed format.
Application form, released by the Board today requires detailed information such as sale price (pre-GST and post GST), taxes (pre GST and post GST), benefits of input credits, etc
Applications from interested parties on issues of local nature shall first be examined by the State level Screening Committee constituted in each State by the State Governments. Later, the screening committee will forward the application with its recommendations to the Standing Committee on Anti-profiteering for further action.
Recently, the government had changed the rate structure of a large number of goods and reduced the rate of 178 goods. However, There were problems that the benefit of such rate reduction is not passed on the consumers.
Reportedly, the government was looking at detailed anti-profiteering guidelines to prescribe a methodology to ascertain whether companies are passing on the tax reduction under GST and benefits derived from input tax credits to consumers. The form issued today contains detailed instructions regarding this.
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