The government on Tuesday appointed the chairman and members of the Anti-Profiteering Authority tasked with ensuring that the benefit of reductions in the tax burden under the goods and services tax (GST) reaches consumers and is not pocketed by businesses and traders.
B.N. Sharma, a senior revenue department official, was named chairman of the authority, which will try to make sure that wherever the tax burden has come down by way of rate cuts or rebates, there is a corresponding reduction in prices. Click to read more
Badri Narain Sharma, a Rajasthan cadre IAS officer of 1985 batch, has been appointed the first chairman of the National Anti-profiteering Authority (NAA), the body set up under the goods and services tax (GST) to ensure that the benefits of lower taxes under the new regime are shared with consumers.
Sharma, 58, at present an additional secretary in the department of revenue in the finance ministry, will have rank and pay of secretary at the Centre.
The Union cabinet last week cleared the setting up of the NAA, which will have a two-year tenure that can be extended by the GST Council. Click to read more
The Government of India has appointed the Chief Commissioner of Centre Goods and Service Tax (CGST) as the nodal officer to receive complaints of undue profiteering by any entity under the new goods and services tax (GST) regime for Chandigarh.
Sources said the Ministry of Finance had conveyed the appointment to the Administration. The Administration has recently sent the draft proposal for the establishment of standing anti-profiteering committees for UT. Click to read more
The government has set up the National Anti-Profiteering Authority amid reports that some companies, particularly restaurants, are not passing on the benefit of the goods and services tax (GST) rate cuts to consumers. B N Sharma, additional secretary in the department of revenue, was on Tuesday appointed chairman of the authority.
Now, guidelines on what exactly constitutes profiteering are awaited. The authority will exist for a period of two years from the date Sharma takes charge. Click to read more
The September quarter GDP growth data, which will be released on Thursday, is expected to show an acceleration in economic growth from 5.7% in the June quarter, the slowest in three years, but the data may be clouded by the goods and services tax (GST) rollout.
The introduction of GST beginning 1 July may make it difficult for government statisticians to measure growth in the trade and hotels segments, leaving room for inaccuracies to creep in. Click to read more
The government will soon start the process of matching returns and invoices under the goods and services tax (GST) as the GST Network, the IT infrastructure needed to assess tax claims on individual taxpayers under the new indirect tax system stabilises.
Under the GST system, returns filed under forms such as GSTR-1 and 2 have to be matched with the GSTR-3 to ensure that the claims made by taxpayers are correct. Click to read more
Hyderabad, Nov 29 (UNI) Telangana Tax Commissioner V Anil Kumar on Wednesday requested retailers to pass on GST reductions benefits to consumer.
Addressing all the major Retailers– Flipkart India Limited, Readymade dealers, Optical, Jewellery dealers and Supermarkets– in twin cities of Hyderabad and Secunderabad, Mr Kumar said that the CGST and SGST rates on certain commodities have undergone changes since the introduction of GST.
To this effect the GST Council in its 23rd meeting held at Guwahati on November 10, has decided to reduce the GST rate from 28 per cent to 18 per cent, on goods falling under 178 headings, leaving only 50 items under the GST slab rate of 28 per cent. Click to read more
Continuing his high decibel campaign in poll-bound Gujarat, Prime Minister Narendra Modi today attacked Congress leader Rahul Gandhi for calling GST ‘Gabbar Singh Tax’ and said those who looted the country could only think of dacoits.
In a stinging rebuttal to Gandhi’s repeated criticism of the Goods and Services Tax, a key economic reform of the NDA government, Modi said a recently emerged “economist” was propagating a “grand stupid thought” by suggesting that GST rate be capped at 18 per cent. Click to read more