When the finance minister in a media interaction after the 23rd Goods and Services Tax (GST) Council meeting ticked off restaurant owners for not passing the benefits of increased input tax credit to customers, the message to the business community was loud and clear: The government may invoke anti-profiteering measures if there is reluctance in reducing prices of goods and services that are now attracting lower tax rates. “With 10 per cent reduction in rates on many products, there will now be increased focus on the enforcement of anti-profiteering regulations,” says ...
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