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  3. Government may consider an anti-profiteering clause for consumers on implementation of GST

Government may consider an anti-profiteering clause for consumers on implementation of GST

05 Aug 2016 Evaluate

As the tax on services will increase by around 20 percent from the current tax rate after implementation of GST, the government could consider an anti-profiteering clause to ensure the benefit of the goods and services tax (GST) are passed on to consumers and prices don't spike once the levy is rolled out.

Finance Minister Arun Jaitley has though said that we are still far from that kind of thinking and this matter will have to be discussed in the GST Council if it comes up as a subject for debate. He also said that the council will include representatives of the Centre and states and they will decide on all critical aspects of GST which includes the rate structure and relevant legislation.

GST will have a three-slab structure with most goods and services at the standard rate in the middle. A lower rate will be imposed on essential items to  protect the poor and a higher rate on luxury items. Arun Jaitley has said that companies should be able to save on logistics, protect themselves better from imports and optimise operations, all of which should lead to reduced prices. In the long run, the tax rate will come down and with that, the price of many goods.

There have been cases of some countries witnessing a rise in inflation after switching over to GST. In Malaysia the Ministry of Domestic Trade, Co-operatives and Consumerism (MDTCC), to ensure that profiteering does not take away the advantage of GST from consumers, urged the business owners to adjust their pricing of goods and services and pass on the benefits to consumers. The ministry announced to carryout investigations for anti-profiteering checks as per their law to ensure the fairness. Similarly when GST was introduced in Australia, the government also setup a commission to monitor the prices and protecting the interest of consumers.

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