Dec12
2016(1) | The Central Government may by law constitute an Authority, or entrust an existing Authority constituted under any law, to examine whether input tax credits availed by any registered taxable person or the reduction in the price on account of any reduction in the tax rate have actually resulted in a commensurate reduction in the price of the said goods and/or services supplied by him. |
(2) | The Authority referred to in sub-section (1) shall exercise such functions and have such powers, including those for imposition of penalty, as may be prescribed in cases where it finds that the price being charged has not been reduced as aforesaid. |
a. | It will be validated by way of enactment of separate Act as well as constitution of a specific administrative authority to implement such a law. |
b. | Enactment of laws at par with Price Control and Anti-Profiteering Act 2011 of Malaysia. |
c. | Setting up of ministries like the Ministry of Domestic Trade, Cooperatives as well as Consumerism to monitor, control and take action on any price increase due to excessive profiteering. |
d. | The Government will undertake various measures to ensure savings by the businesses is ultimately passed on to the consumers. |
e. | creation of Shoppers' Guide, as well as making the hypermarkets act as price setters. |
f. | incorporating provision for heavier fines and penalties for the traders who fail to follow such provisions. |
g. | Hypermarkets and Supermarkets like Big Bazaar, Reliance Retail etc will play a big role as price setters of various goods. |