GST: Registration of firms can be cancelled for not passing on benefits

National Anti-profiteering Authority to be set up for ensuring that customers get the benefit of GST

Companies not passing on benefits of reduced prices on account of the proposed goods and services tax (GST) to customers may lose their registration.

An anti-profiteering authority that will be set up will have the powers to debar an errant assessee from conducting business if he does not pass on lower prices on account of the GST to customers. 

Finance Minister Arun Jaitley has said the anti-profiteering provisions are not to be used unless the government is forced to do so.

The GST is set to be rolled out on July 1. The authority will cease to exist two years after its constitution.

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