3rd May 2017
GST is a form of indirect tax which can be rolled out in India. Industries have set themselves for a change. People have the query in mind whether the government is going to set up anti-profiteering body under the Goods and Services Tax regime or not. This has been declared by the government that there will be no such body set-up and the GST Council will take a final call in the matter. Chairman for CBEC also said that no such timeline have been set for it. It is up to GST Council will decide whether any such body will be set up or this work will be assigned to an existing regulator like the Competition Commission of India
The Central GST Law includes a provision to pass on the benefits of reduction in tax rates to consumers once the new indirect tax regime is implemented, and is generally referred to as an anti-profiteering measure.
There has been a report that senior official of the CBEC will be renamed CBIC (Central Board of Indirect Taxes and Customs)
Determination of the fluctuations in the price of an individual commodity will be difficult as it depends on several factors. There could be possibility in falling of raw materials because of other global factors and not necessarily GST.
There has been proposal from Apple Inc (i-Phone) to the GST Council to consider exemptions sought by industry associations. In case the internal groups set up to examine these exemptions submit their report .Service tax and Excise duty department has certain dispute cases pending before the rollout of GST which will continue to be dealt with provisions of the previous law.
Tax rates have not been decided for precious metals like gold and silver, and would consider it once the GST Council fixes rates for all other commodities. Chairman also it is yet to be decided to fit specified tax rates on precious metals.
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