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Anti-profiteering
Why is it in the news ?
- According to the chairman of National Anti-Profiteering Authority (NAA), mock purchases can be made by NAA offices to check a trader’s invoice for profiteering.
- Consumer complaints are not the only trigger for the National Anti-Profiteering Authority (NAA) to act.
More in the news
- The NAA was set up under Section 171 of the Central GST Act, 2017 to check whether trade and industry were passing on rate reductions under the Goods and Services (GST) Tax.
- Profiteering:(1) Profiteering means unfair profit realized by traders by manipulating prices, tax rate adjustment etc.(2) In the context of the newly launched GST, profiteering means that traders are not reducing the prices of the commodities when the GST Council reduces the tax rates of commodities and services.
- National Anti-Profiteering Authority (NAA):(1) The Authority’s main function is to ensure that traders are not realizing unfair profit by charging high price from the consumers in the name of GST.(2) The responsibility of the NAA is to examine and check such profiteering activities and recommend punitive actions including cancellation of licenses.(3) The NAA is headed by a senior officer of the level of Secretary to the Government of India.(4) There are four Technical Members from the Centre and/or the States.
Source
The Hindu.