Sign In
Learn bits
Economy
Mahesh

18/11/22 12:57 PM IST

Govt of India to Abolish National Anti-profiteering Authority

In News 
  • National Anti-profiteering Authority(NAA) is the anti-profiteering watchdog of GST and it is all set to be subsumed into the Competition Commission of India (CCI).
About NAA 
  • The National Anti-Profiteering Authority (NAA) was constituted under Section 171 of the Central Goods and Services Tax Act, 2017.
  • The formation of NAA comes in the background of rate-reduction of a large number of items by GST Council which has made tremendous price reduction effect but the consumers will be benefited only if the traders are making the quick reduction of prices of respective items.
  • The anti-profiteering clause under the Goods And Services Tax (GST) Act mentions that any reduction in the rate of tax on any goods or services or the benefit of input tax credit must be passed on to the consumer by way of commensurate reduction in the prices of the respective goods or services.
  • The Authority’s main function is to ensure that traders are not realizing an unfair profit by charging high price from consumers in the name of GST and to examine and check such profiteering activities and recommend punitive actions including the cancellation of Registration.
  • NAA comprises of Chairman, four Technical members, a Standing Committee, Screening Committees in every State and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC).
  • The orders of the NAA can be appealed against only in the high court.
Source- Business Standard 

More Related Current Affairs View All

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

05 Mar

Arresting women at night

'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

Read More

05 Mar

Digital Personal Data Protection Act, 2023

'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps