The traders who do not give customers less tax benefits under the Goods and Services Tax (GST) will have to face penalties and their licenses can be canceled. Under the new anti-profit rules issued on Tuesday, the five-member National Anti-Profit Authority has been empowered to compel the reduced price of low tax. If a firm fails to do so, it can be penalized or its registration can be canceled.
The Chief Secretary of this Authority will be an officer of the level. It will have the power to force a businessman who does not give the benefit of lower tax to the returnees with the interest of 18% to get the non-real profit due to this reason. Authorities will decide themselves on ways to reduce the price and reduce the tax benefits.
To consider all the complaints given in writing, there will be a National Level Standing Committee on anti-profit. Apart from this, each state will create a screening committee to investigate local issues. For the initial investigation of the complaint, the limit of two months has been fixed. The Screening Committee will send its findings to the Standing Committee.
If there is a case in the initial sight, then it will be sent to the Director General of Safeguards for appropriate investigation. The Director General will give its report to the authority within three months. After this the authority will decide with the majority.
All entities must adhere to the order passed by the authority. If they do not do this, the amount will be collected according to the GST law. The Central Government will appoint the Chairman and Members of the Authority. For this, a selection committee created by GST Council will suggest the government. In addition to the monthly salary of 2.25 lakh to the Chairman, other allowances and benefits will be given to the officer posted on the same post of the Central Government. Technical members will receive a monthly salary of Rs 2,05,400.