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National Anti-Profiteering Authority
Consider the following statements with reference to the National Anti-Profiteering Authority (NAPA):
- The National Anti-profiteering Authority (NAA) is the statutory mechanism under GST law to check the unfair profiteering activities by the registered suppliers under GST law.
- The Authority comprises of a six-member committee, consisting of, a Chairman (equivalent to a rank of secretary in the government), five technical members (present/former commissioners of State tax or central tax departments).
Choose the correct answer from the codes given below:
A |
Only 1
|
|
B |
Only 2
|
|
C |
Both 1 and 2
|
|
D |
Neither 1 nor 2
|
Your Ans is
Right ans is A
Your Answer Is Correct
Your Answer Is Wrong
Explanation :
- The National Anti-Profiteering Authority (NAPA) was established under section 171 of the Central Goods and Services Tax Act, 2017.
- It was set up to monitor and to oversee whether the reduction or benefit of input tax credit is reaching the recipient by way of appropriate reduction in prices.
Aim
- The primary aim of the Authority is to ensure the benefits of reduction or lower taxes under the new GST regime are passed onto the end consumers.
Institutional Framework
- The National Anti-profiteering Authority comprises of a five-member committee, consisting of, a Chairman (equivalent to a rank of secretary in the government), four technical members (present/former commissioners of State tax or central tax departments).
- The Additional Director General of Safeguards under the Central Board of Indirect Taxes and Customs (CBEC) would be the Secretary to NAA.
Function
- The Authority’s main function is to ensure that the registered suppliers under GST law are not profiteering by charging higher prices from recipients in the name of GST.
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