GST Rollout – Anti-Profiteering And Other Rules Finalised

The GST Council in its meeting on 18 June 2017 finalised rules relating to the following:

• Anti-Profiteering
• Advance Ruling
• Appeals and Revisions
• Assessment and Audit
• E-Waybill (Provisional till such time the final rule is approved)

Anti-profiteering Rules

The GST Council has approved the much awaited anti-profiteering rules under the GST regime. Key features of these regulations are as follows:

• The rules extend to the whole of India except the State of Jammu and Kashmir.
• A National Anti-profiteering Authority shall be constituted whose duties would consist of:
  1. To identify the registered person and determine whether any reduction in the tax rate on any supply of goods or services or the benefit of the input tax credit has not been passed on to the recipient by way of proportionate reduction in prices.