By TIOL News Service

NEW DELHI, JAN 07, 2018: ON the issue of anti-profiteering under the GST, the CII has sought more clarity in rules to curb tendency among the industry and trade to make a killing out of tax rate cut.

The business chamber has noted that since the definition in the rules is ambiguous, it may lead to bias against the industry. It has pointed out that since multiple factors influence the pricing decisions in a business, one to one relationship with the increase in Input Tax Credit with the reduction in prices may not be the correct way to look at it.

The CII has pointed out that the present rule may cause hardships particularly to the SMEs. Secondly, the Rules provide much less time to a business to prepare its compliance module.