Centre and concerned state to equally share funds collected under GST anti-profiteering rules

New Delhi, June 15 (KNN) Now the Centre and the 'concerned state' will equally share the funds collected under GST anti-profiteering rules, as per a Finance Ministry notification.

After the implementation of GST in July last year, a national anti-profiteering authority was set up to take fine from the businesses that fail to pass on tax benefits to consumers.

In case the customer is not identifiable, the money has to be deposited in the consumer welfare fund.

Amending the Central GST rules, the Finance Ministry has stated that 50 per cent of the amount is to be deposited in the consumer welfare fund constituted by the Centre and the remaining to the fund set up by the 'concerned state'.

As per the amendment, the 'concerned state' would mean the state where the anti-profiteering authority has passed its order against the business.

So far, CGST rules did not clearly state on the splitting of the amount collected from erring businesses and consequently deposited in the fund.