Why National Anti-Profiteering Authority Is Constituted ?
# The implementation of GST has made a major revamp in the collection of indirect taxes in the country.Benefits of reduced rates or input tax credit are passed onto the taxpayers which they have to claim.But it has been found that some businesses are not passing on the benefits of reduced tax rates to the consumers.To address the issue the National Anti-Profiteering Authority has been constituted .
# National Anti-profiteering authority constituted by the Central Government to examine whether Input Tax Credit or tax reduction have actually passed to the consumers or not.
All About NAA:
# National Anti-Profiteering Authority (NAA) is a institutional mechanism under GST law to check the unfair profit making by the trading community.
# The National Anti-Profiteering Authority (NAA) is formed by GST council in its 22nd Council at Guwahati. Due to the reductions of tax values in more number of products,GST council decided to form such authority so that consumer will be benefited immediately once tax is reduced.
# The authority will check and Examine all the traders so that it will force traders to make quick reduction of price of respective items on which GST tax rate is reduced.
#Any consumer or organisation experiencing the non reduction in the price of goods or service despite reduction in the rate of GST can file the complaint with proper evidences.
#Any supplier ,trader ,wholesaler or retailer ,who could not get benefit of input tax credit on account of reduction in the rate of GST ,can file the complaint with proper evidences.
The chairman along with 4 technical members with the help of Standing committee and screening committee in every state and the Directorate General of Safeguards in the Central Board of Excise and Customs ,will work together on the Anti profiteering Front.