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Govt to constitute National Anti Profiteering Authority within a week

We request companies to pass on benefits to consumers immediately, says Adhia

ANI  |  New Delhi 

Hasmukh Adhia
Hasmukh Adhia

Finance Secretary said on Saturday that a decision regarding the formation of a would be announced next week, amid reports of uneven rates of Goods and Services Taxes (GST) being levied on the consumers. "Maximum one week. We will constitute it within a week," told ANI. The recently-promoted Finance Secretary appealed that rate cut benefits be passed on to consumers, adding that companies should paste stickers of the revised rate of Maximum Retail Prices on their products at the immediate possible date. "We request companies to pass on benefits to consumers immediately if you do not want the action of (NAA)," commented while appealing to the companies to immediately aware consumers of their rate cut of products by giving advertisement in newspapers. The Finance Secretary also said that the retailers or vendors must charge revised rates from consumers after November 15. "We will catch companies if their vendor/retailers are not passing the rate cut benefits to consumers. We won't catch the retailers," added "If small restaurant charge higher then practically they will lose their customers due to competition," he stated. "Earlier restaurants charged more from customers stating that they are being charged under 18 percent Now the customer at least knows that in their bill the government is charging only five percent," he said. The Finance Secretary also stated that the government will ask big restaurants chains about their rates. As far as big chain of restaurants is concerned, if they've uniformly raised prices, we'll ask them what their input tax credit was which they don't get now.

If input tax credit mismatches with prices raised anti-profiteering action will be taken against them, added. On being asked about government's plans to reduce the number of slabs in (GST), opined that " should be simple, a number of slabs should be reduced. There is no difference of opinion on this. The question is how right it is to do so." The Council at its 23rd meeting held on November 10, 2017, in Guwahati, had recommended the reduction of the rate from 28 to 18 percent on goods falling under 178 headings. Now only 50 items are under the slab rate of 28 percent. A large number of items have also witnessed a reduction in rates from 18 to 12 percent, 12 to 5 percent and so on.

First Published: Sat, November 25 2017. 19:34 IST
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