Firms to forfeit profiteered amount under GST

Amount could be deposited with a consumer welfare fund to be created for the purpose

Companies held to be guilty of 'profiteering' under the goods and services tax (GST) regime could be asked to forfeit the amount in question, which could be deposited with a consumer welfare fund to be created for the purpose, say officials.

The contours of a monitoring body are expected to be taken up during the 16th GST Council meeting on Sunday. The new tax is to take effect from July 1.

"The law provides that a supplier pass on to consumers the benefit of lower prices on account of reduction in tax incidence," explained an official.

Any profiteering will be