- To clear confusion over the new prices of items under the Goods and Services Tax, the Finance Ministry is working to set up a National Anti-Profiteering Authority to curb any unwarranted price hikes.
3-tier structure
According to the rules, the Authority will have a three-tier structure, including a Standing Committee on Anti-profiteering, State-level Screening Committees, and a National Anti-Profiteering Authority.
Finance Minister Arun Jaitley had earlier expressed hope that the provision for an anti-profiteering authority would act as a deterrent and that the government does not intend to use it unless forced to.
A central monitoring committee of 15 secretary-level officials will meet every Tuesday to review the GST rollout, including issues such as prices and supply.
The National Anti-Profiteering Authority is empowered to make a company lower its prices and refund money to consumers or deposit it in the Consumer Welfare Fund. It can also impose a penalty and cancel the registration of the company.
via Finance Ministry aims to set up anti-profiteering body by August | Business Line
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