Introduction of GST from July 2017 was one of the biggest reforms in the indirect taxation regime, having operational challenges for banking, financial services and insurance (BFSI) sector. The financial sector always relied on centralised registration in erstwhile service tax regime, multiple registrations under GST for legal entity, taxability of supplies between each registration, change in GST rates and correctly availing the eligible credit had other IT system limitations. The focus of taxpayers at that time was to have smooth transition of daily operations to new regime. With the successful implementation of GST, the government has started focusing on ensuring the benefits of GST trickle down to end consumers. Anti-profiteering mechanism provides a powerful tool for achieving the aforesaid objective. In this article, the focus is on the anti-profiteering measure and the challenges with respect to its implementation for the BFSI sector.