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CBIC Empowers CCI To Decide Anti-Profiteering Issues

Mariya Paliwala
24 Nov 2022 8:30 AM GMT
CBIC Empowers CCI To Decide Anti-Profiteering Issues

The Central Board of Indirect Taxes and Customs (CBIC) has empowered the Competition Commission of India (CCI) to decide on the anti-profiteering issues as of December 1, 2022.

"The Central Government, on the recommendations of the Goods and Services Tax Council, hereby empowers the Competition Commission of India, established under sub-section (1) of section 7 of the Competition Act, 2002 (12 of 2003), to examine 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 him," the notification read.

Section 171 of the CGST Act, 2017, provides that any reduction in the rate of tax on any supply of goods or services or the benefit of an input tax credit shall be passed on to the recipient by way of a commensurate reduction in prices.

Currently, issues related to anti-profiteering are dealt with by the National Anti-Profiteering Authority (NAA) and investigated by the Director General of Anti-Profiteering.

The NAA is a mechanism devised to ensure that prices remain under check and that businesses do not pocket all the gains from GST because profit is fine, but undue profiteering at the expense of the common man is not.

Notification No. 23/2022 – Central Tax

Date: 23.11.2022

Click Here To Read Notification

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