Home Business Cabinet approves creation of National Anti-profiteering Authority under GST

Cabinet approves creation of National Anti-profiteering Authority under GST

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Cabinet today approved the creation of National Anti-profiteering Authority (NAA) under GST, to ensure benefits of reduction in indirect tax rates are passed on to consumers.

Briefing reporters in New Delhi, Law Minister Ravi Shankar Prasad said the decision reflects governments full commitment to take all possible step to ensure benefits of implementation of GST to the common man.

He said, the authority will comprise a standing committee, screening committee in every state and Director General of safeguards in the central board of Excise and customs. Mr Prasad said, the constitution of NAA will bolster the confidence of consumer as they reap the benefits of recent reduction in GST rates.

He said, NAA enables consumers to apply for relief if they feel reduction in prices is not passed on to them and for this an institutional framework has been provided to take appropriate remedial action.

The Minister said, in case the consumers do not get the benefit of reduction in prices, they can apply for the relief to the screening committee to the particular state.

In case the incident of profiteering relates to an item to mass impact the application may be directly made to the standing committee.

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