Eye Share: Rationalizing Application of Section 171 to Supply of Goods

On December 21, the industry body FICCI, made a plea in a set of pre-Budget recommendations for the abolition of anti-profiteering provision in the GST law to allow market forces to dictate prices of goods and services. The National Anti-Profiteering Authority (NAA) was set up as a mechanism to check the unfair profiteering activities by the registered suppliers under GST law. Industry bodies have advocated that the absence of a clear mechanism has led to several adverse orde...