Source Business standard
CS A Rengarajan
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Anti profiteering body likely under CBEC |
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New Delhi, 25 May The proposed antiprofiteering body under the goods and services tax (GST) regime is likely to be set up under the framework ofarestructured Central Board of Excise and Customs (CBEC). And, have both state and central officials. The Centre´s proposal on the structure is to be taken for discussion in the GST Council meeting on June 3. The meet, to be chaired by Finance Minister Arun Jaitley, will also discuss the proposed rates for nine residual commodities —handicrafts, precious stones, precious metals, textiles, footwear, agricultural implements and biscuits. It is also expected to take up the demand of the hybrid car industry, railways and some other key sectors, including fastmoving consumer goods (FMCG), to revise rates. In the proposal till now, the antiprofiteering entity is likely to be headed by an officer of the rank of chief commissioner. “It is almost final that the body would be set up under the CBEC framework. We are yet to decide the level at which the orders will be passed. The rules and powers are still being discussed,” said an official who did not wish to be named. The CBEC will be renamed the Central Board of Indirect Taxes and Customs (CBIC) from the date of GST implementation, expected to be July 1. The government decided on CBEC, considering its reach and personnel. “The CCI (competition commission) or consumer forums would not be able to handle this, as they do not have the kind of reach that the CBEC has. Besides, these are the lean bodies, whereas the CBEC has the manpower,” said another official. The antiprofiteering structure will be needed only for the initial one or two years after the GST rollout, he added. “It isadeterrent mechanism, only needed foralimited period. Consumers need to feel satisfied, while suppliers and traders need to be aware that if the tax (GST credit) doesn´t get passed on, they will be held accountable.” The body could take action on its own initiative or on the basis of information. The Council in its next meeting is also likely to give final approval to the transition and return rules. Beside, as mentioned earlier, rates for nine commodities are yet to be finalised. Turn to Page 18 >NEW START |The new entity to comprise Centre and state officials, and likely to be headed byachief commissioner level officer |To be discussed in the GST Council meeting on June 3 |Rates for the nine remaining items, including biscuits, handicrafts, textiles, footwear and gold, also to be discussed in the meeting |Rules for transition and returns may be finalised |
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