Explorer

Union Cabinet approves establishment of National Anti-profiteering Authority under GST

New Delhi [India], Nov.16 (ANI): The Union Cabinet on Thursday has given its approval for the creation of the posts of chairman and technical members of the National Anti-profiteering Authority (NAA) under GST.

This move by the Cabinet comes immediately after a sharp reduction in the GST rates of a large number of items of mass consumption.

Earlier, from midnight of November 14, the GST rate was slashed from 28 percent to 18 percent on goods falling under 178 categories.

There are now only 50 items which attract the GST rate of 28 percent.

Similarly, a large number of items have witnessed a reduction in GST rates from 18 percent to 12 percent and some goods have been completely exempted from GST.

The 'anti-profiteering' measures enshrined in the GST law provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers.

This institutional framework comprises the NAA, a standing committee, screening committees in every state and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC).

In the event the NAA confirms there is a necessity to apply anti-profiteering measures, it has the authority to order the supplier/business concerned to reduce its prices or return the undue benefit availed by it along with interest to the recipient of the goods or services.

If the undue benefit cannot be passed on to the recipient, it can be ordered to be deposited in the Consumer Welfare Fund.

Moreover, in extreme cases, the NAA can impose a penalty on the defaulting business entity and even order the cancellation of its registration under GST.

The establishment of the NAA which will be headed by a senior officer of the level of secretary to the Government of India with four technical members from the centre and/or the states, is another measure aimed at reassuring consumers that the Government is fully committed to take all possible steps to ensure the benefits of implementation of GST. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections: Report
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Advertisement
for smartphones
and tablets

Videos

ABP Shikhar Sammelan 2024: Anurag Thakur takes a jibe at Arvind Kejriwal's arrest | ABP NewsArvind Kejriwal Arrest: Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CMABP SHIKHAR SAMMELAN 2024: Here's What Defence Minister Reveals About His Further Political PlansABP SHIKHAR SAMMELAN 2024: PM Modi's Words & Deeds Aligned, Says Rajnath Singh | ABP News

Photogallery

Embed widget