Anti-profiteering provisions were introduced in India to ensure that businesses pass on the benefits of reduced tax rates to consumers.
The provisions apply to businesses that supply goods or services and have an annual turnover of over Rs. 20 crores.
Businesses are required to pass on the benefits of reduced tax rates to consumers by lowering prices or increasing the quantity or quality of goods or services.
If a business fails to pass on the benefits of reduced tax rates, it may be subject to penalties and fines.
The National Anti-Profiteering Authority (NAA) is responsible for investigating complaints of non-compliance with anti-profiteering provisions.
Consumers can file complaints with the NAA if they believe that a business has not passed on the benefits of reduced tax rates.
The NAA has the power to order businesses to reduce prices, return the benefits of reduced tax rates to consumers, and impose penalties and fines.