Consider the following with respect to anti profiteering authority
1. It was setup to handle profiteering cases with respect to GST for a period of 2 years
2. It can take up cases only on consumer complaint
Consider the following with respect to anti profiteering authority
1. It was setup to handle profiteering cases with respect to GST for a period of 2 years
2. It can take up cases only on consumer complaint
The correct option is A 1 only
The formation of National Anti-profiteering Authority comes in the background of rate-reduction of a large number of items by the GST Council which has made tremendous price reduction effects but the consumers will be benefited only if the traders are making the quick reduction of prices of respective items.
The Authority’s core function is to ensure that the commensurate benefits of the reduction in GST rates on goods and services done by the GST Council and of the Input tax credit are passed on to the recipients by way of commensurate reduction in the prices by the suppliers.Original tenure of the NAA was for two years only. That came to end in November 2019. The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, decided in its 35th meeting to extend the tenure of the anti-profiteering body by two years, until November 30, 2021
Recently, the GST Council in its 45th meeting granted a one-year extension to National Anti-Profiteering Authority (NAA).
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The formation of National Anti-profiteering Authority comes in the background of rate-reduction of a large number of items by the GST Council which has made tremendous price reduction effects but the consumers will be benefited only if the traders are making the quick reduction of prices of respective items.
The Authority’s core function is to ensure that the commensurate benefits of the reduction in GST rates on goods and services done by the GST Council and of the Input tax credit are passed on to the recipients by way of commensurate reduction in the prices by the suppliers.Original tenure of the NAA was for two years only. That came to end in November 2019. The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, decided in its 35th meeting to extend the tenure of the anti-profiteering body by two years, until November 30, 2021
Recently, the GST Council in its 45th meeting granted a one-year extension to National Anti-Profiteering Authority (NAA).
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