Antiprofiteering authority to be ready in two weeks: CBEC chief

NEW DELHI: Businesses will shortly have a new regulator taking a penetrating gaze over their affairs. The proposed anti- profiteering authority that will monitor pricing behaviour of businesses will be up and running in a fortnight, said Central Board of Excise and Customs (CBEC) chairperson Vanaja N Sarna.

A selection panel led by cabinet secretary PK Sin ha has asked states to suggest candidates for the five-member authority, including the chairperson, while the Union government has sent a list of its nominees to states for state-level screening panels that are part of the authority’ s ecosystem, said the C BE C chairperson.

State-level panels will watch out for instances of businesses not passing on tax benefits to consumers in the GST regime.

During the two-year transition into the GST regime that started in July, the National Anti-profiteering Authority will step in and ask businesses that have not passed on full benefits of a reduced tax burden to consumers to make up for it with interest.

“We are expecting nominations (to the Authority) from states in two weeks. As soon as all these names come in, the Authority will be ready ,” said Sarna.