NEW DELHI, Nov. 17 (Xinhua) -- India has for the first time announced the setting up of a national anti-profiteering authority aimed at benefiting consumers.
Minister of Law and Justice Ravi Shankar Prasad has said that the body will have an overarching mandate to ensure that the reduction in tax rates under the new Goods and Services Tax (GST) regime gets passed on to consumers by way of lower prices.
"The National Anti-Profiteering Authority is an assurance to consumers of India. If any consumer feels that the benefit of tax rate cut is not being passed on, then he can complain to the authority," he told the media Thursday.
The Indian government has recently reduced tax rates on 200 items and some from the bracket of 28 percent to as low as 5 percent.
In July this year, India replaced its numerous central and state taxes with the GST to unify the country into a single market.
