The Goods and Services Tax Council, led by finance minister Nirmala Sitharaman extended the tenure of the National Anti-Profiteering Authority (NAA) by two years to November 2021.

LEARNING WITH TIMES

The National Anti-Profiteering Authority (NAA) has been constituted under Section 171 of the Central Goods and Services Tax Act, 2017 to ensure that the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices.

                        The National Anti-profiteering Authority (NAA) is the institutional mechanism under GST law to check the unfair profit-making activities by the trading community. The Authority’s core function is to ensure that the benefits of the reduction is GST rates on goods and services made by GST Council and proportional change in the Input tax credit passed on to the ultimate consumers and recipient respectively by way of reduction in the prices by the suppliers.

                        The responsibility of NAA is to examine and check such profiteering activities and recommend punitive actions including cancellation of Registration.