Union Cabinet approves NAA
Q. The Union Cabinet approved setting up of which apex body under Goods and Services Tax (GST) regime so as to ensure the benefit of tax reaches consumers?- Published on 20 Nov 17a. National Good and Services Authority
b. National GST Tax Authority
c. National Anti-profiteering Authority
d. National Anti-laundering Authority
ANSWER: National Anti-profiteering Authority
The Union Cabinet approved setting up of National Anti-Profiteering Authority (NAA), an apex body with an overarching mandate under Goods and Services Tax (GST) regime so as to ensure the benefit of tax reaches consumers.
It also approved creation of posts of Chairman and Technical Members of National Anti-profiteering Authority (NAA) under GST regime.
NAA: Know More- The establishment of the NAA, to 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.
- It is one more measure aimed at reassuring consumers that Government is fully committed to take all possible steps to ensure the benefits of implementation of GST in terms of lower prices of the goods and services reach them.
- It may be recalled that effective from midnight of 14th November, 2017 the GST rate has been slashed from 28% to 18% on goods falling under 178 headings.
- There are now only 50 items which attract the GST rate of 28%.
Likewise, a large number of items have witnessed a reduction in GST rates from 18% to 12% and so on and some goods have been completely exempt from GST. - The "anti-profiteering" measures enshrined in the GST law provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers.
- This institutional framework comprises the NAA, a Standing Committee, Screening Committees in every State and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC).
