Companies may face higher penalties for not passing on GST rate cuts

The Finance Ministry is considering an amendment in the law to raise penalties against companies that fail to pass on GST rate cuts to consumers. At present, the penalty for such an act is ₹10,000 or the amount of tax evaded, whichever is higher. “The proposal is to bring an amendment in the Finance Bill to raise the penalty from ₹10,000,” a senior government official told  BusinessLine. Earl…