GST anti-profiteering funds to be split between Centre,
state
NEW DELHI : Centre and the ‘concerned state’ will
equally share the amount deposited by erring businesses
in the consumer welfare fund set up as part of the GST
anti-profiteering rules, as per a Finance Ministry
notification.
Following the rollout of GST in July last year, the
government set up a national anti-profiteering authority
to penalise businesses for failure to pass on tax
benefits to consumers. In case the customer is not
identifiable, the money has to be deposited in the
consumer welfare fund.
The ministry has amended Central GST rules stating that
50 per cent of the amount is to be deposited in the
consumer welfare fund constituted by the Centre and the
remaining to the fund set up by the ‘concerned state.
’As per the amendment, the ‘concerned state’ would mean
the state where the anti-profiteering authority has
passed its order against the business. |