GST council extends the tenure of the anti-profiteering body for 2 years

GST council extends the tenure of the anti-profiteering body for 2 years

The 35^th GST Council Meeting was held here today under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. This was the first meeting of the Council after the swearing in of the new Government. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Revenue Secretary Shri Ajay Bhushan Pandey and other senior officials of the Ministry of Finance. The meeting took place in a cordial and professional manner.

At the start of the meeting, the Council passed a resolution acknowledging the stellar role played by Shri Arun Jaitley, the former Chairperson of GST Council and expressed its gratitude and appreciation for the exemplary contribution made by him in making the GST Council a shining example of co-operative federalism that it has become today. The Council also thanked the outgoing Members and welcomed the new Members of the Council. It also expressed its deepest condolences at the untimely demise of Shri Prakash Pant, the former Finance Minister of Uttarakhand. 

GST Council, the decision-making body, took the decision in 35th GST Council Meeting held on 21st june 2019, to extend the tenure of National Anti-profiteering Authority (NAA) and also approved the imposition of an additional penalty of up to 10% of the profiteered amount (for not passing on benefits of GST rate cuts to consumers), if companies dont pay up this fine in 30 days. Presently companies have to deposit a penalty of Rs 25,000 apart from depositing the profiteered amount.

The termination of NAA was up to 30th November 2019, is now extended to November 30, 2021. National Anti-profiteering Authority (NAA) controls over whether the benefit of a reduced rate of tax or input tax credit has been passed on to the consumers, after failing the NAA may order reduction in prices and commensurate benefit to the recipient and also impose a penalty and cancel the registration.

On Records as on May 1, the authority has passed 65 orders involving established profiteering amount of 606 crore.

We had very meaningful discussions, Sitharaman told reporters after the meeting. In her opening remarks, she said the Council has much work to do, including simplification of rules, rationalisation of rates and bringing more items under the levys ambit, according to a tweet by the ministry of finance.

You May Also Like : E-invoicing to be rolled out from January 2020