New Delhi, Jun 21: The GST Council on Friday extended the tenure of the National Anti-Profiteering Authority (NAA) by two years.The Council also decided to impose more penalties for companies if found indulging in profiteering, Revenue Secretary Ajay Bhushan Pandey told a press conference after the 35th GST Council meet here.
The GST Council meet was presided over by Finance Minister Nirmala Sitharaman. This was her first GST meet in the new Narendra Modi Government.Mr Pandey said if the profiteered amount is not submitted within 30 days, the company would be penalised with 10 per cent of the profit amount.
Earlier, the company needs to give Rs 25,000 in addition to the profiteered amount.The NAA deals with customer complaints regarding non-receipt of tax cut benefits. (UNI)