Interview Guidance Program (IGP) for UPSC CSE 2024, Registrations Open Click Here to know more and registration
- National Anti-Profiteering Authority (NAA) chairman has said that Consumer complaints are not the only reason for the authority to act.NAA offices can take with the help of mock purchases to check a trader’s invoice for profiteering.
- The NAA has been constituted under Section 171 of the Central GST Act, 2017 to ensure that the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices.
- Profiteering means unfair profit realized by traders by manipulating prices,tax rate adjustment.In the context of the Goods and services tax (GST),profiteering means that traders are not reducing the prices of the commodities when the GST Council reduces the tax rates of commodities and services.
- NAA’s main function is to ensure that traders are not realizing unfair profit by charging high price from the consumers in the name of GST.The responsibility of the NAA is to examine and check such profiteering activities and recommend punitive actions including cancellation of licenses.
Discover more from Free UPSC IAS Preparation Syllabus and Materials For Aspirants
Subscribe to get the latest posts sent to your email.
