Hasmukh Adhia, Finance Secretary, Ministry of Finance on Saturday said National Anti Profiteering Authority (NAA) will be announced within one week.
Hasmukh Adhia requested companies to pass on GST rate cut benefits to consumers. He told ANI, "Companies should paste stickers of the revised rate of MRP on their products."
Earlier restaurants charged more from customers stating that they are being charged under 18 per cent GST.
On GST rate cut for small restaurants, Adhia said, "Now the customer at least knows that in their bill the govt is charging only 5 percent."
In the last GST council held, uniform 5 percent tax was prescribed for all restaurants, both air-conditioned and non-AC. Finance Minister Arun Jaitley said that the Input Tax Credit (ITC) benefit given to restaurants were meant to be passed on to the customers.
Last week, the Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up an immediately sharp reduction in the GST rates of a large number of items of mass consumption.
This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices.