The government has asked industry to hold back price increases till GST roll out from July 1, saying such hikes might later lead to inquiry of balance sheet by a specified authority.
Revenue Secretary Hasmukh Adhia told a TV Channel yesterday that anti-profiteering provision in GST laws was essential to ensure that the benefits of reduction in tax incidence is passed on to consumers, and the tax department will persuade the big corporates not to do any profiteering.
GST Act includes the provision of setting up an anti-profiteering authority to ensure that companies pass on the benefit of tax reduction to customers. The GST Council had last week fitted over 1,200 goods and 500 services in tax bracket of 5, 12, 18 and 28 per cent.
