[ad_1]
Council has also recommended the sunset date of April 1, 2025, for receipt of any new application regarding anti-profiteering.
The government has notified April 1, 2025, as the sunset date for the antiprofiteering clause in the GST law.
The government has notified April 1, 2025, as the sunset date for the anti-profiteering clause in the GST law.
Also, from October 1 all pending complaints under the anti-profiteering provisions will be handled by the Principal bench of the GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI), the GST policy wing of the government said in another notification.
These notifications follow the recommendations of the GST Council, which in its 53rd meeting on June 22, had recommended to amend Section 171 and Section 109 of CGST Act, 2017 to provide a sunset clause for anti-profiteering under GST and to provide for the handling of anti-profiteering cases by Principal bench of GSTAT.
Council has also recommended the sunset date of April 1, 2025, for receipt of any new application regarding anti-profiteering.
The notification by the GST policy wing would mean that from April 1, 2025, consumers would not be able to file complaints regarding profiteering by companies not passing commensurate GST rate cut benefits to end customers.
However, complaints filed before April 1, 2025, would be dealt by the Principal bench of GSTAT until a final conclusion is reached.
“…the Central government, on the recommendations of the Goods and Services Tax Council, hereby appoints the 1st day of April 2025 as the date from which the Authority referred to in the said section shall not accept any request for examination as to whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by that registered person,” an official notification said.
Accounting firm Moore Singhi’s Executive Director Rajat Mohan said this deadline marks a significant transition phase for businesses, the government, and consumers, as—for the first time since the introduction of GST—market forces will largely determine prices, free from the oversight of anti-profiteering regulations.
“The intent behind this shift seems to be the simplification of GST compliance by narrowing the window for anti-profiteering scrutiny. This deregulation will usher in a more dynamic pricing environment, allowing businesses greater flexibility to adjust their pricing strategies in response to market demands,” Mohan said.
AKM Global, Partner-Tax, Sandeep Sehgal said the move aims to enhance efficiency by reducing the burden on CCI and ensuring cases are resolved under the tax-specific mechanisms of GSTAT.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
[ad_2]
Source link