GST's anti-profiteering clause should be reviewed

India’s transition to a new indirect tax regime from July 1 is not expected to be easy, even though it must be acknowledged that the roll-out of the goods and services tax, or GST, will yield many positive benefits for the economy. But companies will have to undertake numerous major changes to their processes. Compliance costs will hopefully fall at some stage, but the flawed final design of the GST has complicated the entire exercise. Nor does the supportive infrastructure for the GST seem so robust that the private sector can feel comfortable about the transition. As the chairman of