Business News

‘No plan to revive anti-profiteering rules under GST’

R Amin2 months ago01 mins mins

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<p>BENGALURU: The govt is not reviving anti-profiteering provisions under Section 171 of the GST law, even as it implements one of the largest rounds of tax rate cuts since GST’s rollout in 2017.</p>
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K Balasubramanian, joint secretary in the ministry of finance, said the Centre is relying on market competition and industry cooperation to ensure that the benefits of lower rates are passed on to consumers.

“The issue of anti-profiteering was always on top of our minds.

But we believe that businesses and tax administration are mature enough now to handle the transition,” he said.

He added that the government did not want to pair a “very pro-business, pro-consumer” rate rationalisation with a measure that could be seen as punitive or “anti-business.”