- GST 2.0 announced as a Diwali gift to the people
- Traders must pass on GST reduction benefits to customers or face penalties
- Anti-profiteering provisions are not currently in force but can be reactivated
- Section 171 of the GST Act allows action against non-compliant traders
- Government can audit and verify traders’ accounts if profiteering is suspected
- Price calculation example provided for items moving from 12 percent to 5 percent GST slab
- Customers should not expect a direct 7 percent price drop when GST slab changes
- Incorrect assumptions about price changes when GST slab changes are clarified
Source: a2ztaxcorp.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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