GST anti-profiteering framework soon

The Union Cabinet is likely to approve setting up of the anti-profiteering authority under the Goods and Services Tax (GST) regime Wednesday. Prime Minister Narendra Modi-headed Cabinet may also approve creation of the post of chairman and four technical members of the authority on Wednesday, officials said. To keep a tab on businesses that have not passed on to consumers the benefit of lower tax rates under the GST regime, the GST Council had approved setting up of a fivemember National Anti— Profiteering Authority.

The authority will have a sunset date of two years from the date on which the chairman assumes charge. The chairman and the four members of the authority have to be less than 62 years. The chairman, who would be a secretary level officer, shall be paid a monthly salary of Rs 2.25 lakh plus other allowances and benefits of similar ranking officers. If a retired officer is selected as chairman, he will be paid a monthly salary of Rs 2.25 lakh reduced by the amount of pension. The technical members will be paid a monthly salary of over Rs 2.05 lakh plus allowances and benefits as applicable to an additional secretary rank officer. The officers who are or have been commissioner of state tax or central tax will be eligible for appointment as technical members in the authority.

To keep a tab on businesses that have not passed on to consumers the benefit of lower tax rates , the GST Council had approved setting up of National Anti— Profiteering Authority