- The National Anti-Profiteering Authority, to be set up under the Goods and Services Tax (GST) regime, will have wide-ranging powers, including the power to issue notices to anybody that it feels warrants a “fair enquiry,” as per the rules finalised by the GST Council.
- The powers of the authority include the ability to order a reduction in prices, impose a penalty, and even cancel the registration of a company deemed to have not passed on a tax rate reduction to consumers.
- The rules, which are yet to be gazetted or made public, state that the authority is to be chaired by either a retired High Court judge or a member of the Indian Legal Service who has at least three years of experience at the level of Additional Secretary or higher.
- The rules mandate a three-step procedure, from the detection of anti-profiteering to the decision of the authority.
- They provide for the creation of a standing committee, which would receive written complaints from anyone about anti-profiteering practices.