Opinion | The GST anti-profiteering law needs corrective action

One of the headline issues that emerged from the 35th meeting of the Goods and Services Tax (GST) Council held recently was a two-year extension of the term of the National Anti-Profiteering Authority (NAA) up to 30 November 2021. The GST Council has also sought to impose a 10% penalty on a company if the amount quantified as “profiteered" is not deposited within 30 days. The objective of an anti-…