ANTI-PROFITEERING GUIDELINES SOON IN PUBLIC DOMAIN, SAYS MEMBER (GST), CBEC AT PHD CHAMBER

ANTI-PROFITEERING GUIDELINES SOON IN PUBLIC DOMAIN, SAYS MEMBER (GST), CBEC AT PHD CHAMBER

ANTI-PROFITEERING GUIDELINES SOON IN PUBLIC DOMAIN, SAYS MEMBER (GST), CBEC AT PHD CHAMBER

No.PR-143

January 24, 2018

New Delhi

 

ANTI-PROFITEERING GUIDELINES SOON IN PUBLIC DOMAIN, SAYS MEMBER (GST), CBEC AT PHD CHAMBER

Member (GST), CBEC, Mr. Mahender Singh on Wednesday said that the government is at the advance stage of finalizing anti-profiteering guidelines for judging anti-profiteering parameters whereby benefits of reduced GST rates are passed on to the end consumer.

Mr. Singh also disclosed that glitches in e-way bills would be removed since functionaries in the GST regime are having diverse and intensive discourses with senior functionaries of all states and UTs, emphasizing that e-way bills is since a new concept introduced post GST may have problems relating to its implementation.

Addressing a Workshop on Introduction of E-Way Bill and Anti-Profiteering Measure under aegis of PHD Chamber of Commerce and Industry here today, Mr. Singh announced that 15 States have already agreed for smooth implementation of intra-state movement of along with inter-state movement of goods via e-way bills from 1st of February next month and hoped that the other States and UTs would be able to put in place intra-state e-way bills smooth facilitation by June1, 2018

According to him, the execution of e-way bills will not lead to ‘Nakabandi’ and that it would ensure smooth movement of goods both inter and intra States and that will also provide relief small traders on items kept outside purview of GST.  It will, however, create problems only for those traders and businessmen that are not accounting properly for the movement and supplies of goods and services, warned Mr. Singh.

Elaborating on anti-profiteering guidelines, Mr. Singh said that the government has reached at the advance stage of finalizing the proposed guidelines would fall in public domain to make sure that the anti-profiteering authority deals with those that pocketing illegitimate profits and refuse to pass on to the end consumers benefits of reduced GST with ulterior motives.

“Anti-profiteering is a temporary measure and as the GST is stabilized in due course of time, the anti-profiteering authority would be wind up”, he said.

In his welcome remarks, President, PHD Chamber, Mr. Anil Khaitan said that GST is one of the finest structural reforms in the history of independent India and would take time to properly get stabilize but sincere efforts should be made so that goods and services move without difficulties.

Chairman, Indirect Taxes Committee, PHD Chamber, Mr. Bimal Jain in his remarks praised GST taxation but at the same time appealed to the authority that wherever traders and businesses are encountering bureaucratic and operational problems in its implementation should be identified without any delay and properly addressed to in consultation with industry.

Among other who were also present on the occasion comprised Co-Chairman, Indirect Taxes Committee, PHD Chamber, Mr. N K Gupta and its Director, Mr. Abhi Narayan Mishra.

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)