Recent GST Updates

In order to clear the confusion in the initial stages of GST implementation, the state and central government have come out with various notifications, trade notices, press notes, etc. for providing clarifications on contentious issues. The summary of certain key points has been given hereunder:

1. National Anti-Profiteering Authority
   
   
   • GST Council has formed a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as Chairman and members of National Anti-Profiteering Authority under GST.
   • The Authority shall be responsible for applying anti-profiteering measures in the event of GST rate reduction or if the benefit of Input Tax Credit (ITC) is not passed on to the recipients by way of commensurate reduction in prices.