The union cabinet has approved to create the posts of chairman and technical members of the National Anti-profiteering Authority (NAA) under GST.
- The decision comes after the government decided to reduce the GST rates of a large number of items of mass consumption.
- With this approval, an apex body will be immediately established which will ensure the benefits
- of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices.
- National Anti-profiteering Authority 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.
- NAA will have the authority to order the supplier or 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.
- In extreme cases, the NAA can impose a penalty on the defaulting business entity and even order the cancellation of its registration under GST.
