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Finance Ministry Warns Businesses Against Raising Commodity Prices Ahead of GST Launch
May 25, 2017
Sensing that businesses may hike their current prices of products and/or services ahead of GST roll-out which is set for 1st July, the finance ministry has issued a warning in which it mentions the use of anti-profiteering clause. Under the clause, they may check the balance sheet of a company to see if they have tried to gain profits from GST scheme.
According to HasmukhAdhia, Revenue Secretary, although the complete anti-profiteering mechanism is not ready now, the authorities will question any changes in prices, if observed. He also added that prices fluctuations will be closely monitored to ensure ethical business practices.
