GST: Anti-profiteering (Watchdog) may get an Extension

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The National Anti-profiteering Authority (NAA), which was formed to protect the consumers from exploitation from the businesses under GST may get an extension of two years, reported. The 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 are 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 NAA is presently working under the Chairmanship of Mr. B.N Sharma. The authority was meant to be in place for two years. However, as the Government looks at changes to the GST structure, the authority may remain in the place for another two years.

According to a report, discussions on extending the term has begun and a decision is expected soon after the formation of the new government after the ongoing Lok Sabha elections, the report said, citing senior officials aware of the developments.  The last of the seven-phase elections will be held on May 19 while the counting of votes begins on May 23.  

“There is a thinking that the National Anti-profiteering Authority’s tenure is extended,” an official said, adding that there are a number of cases that need to be resolved. The complaints keep pouring in and need to be decided, another official said.

GST currently has four tax slabs — 5 percent, 12 percent, 18 percent, and 23 percent. The middle two slabs are expected to be merged to avoid complexities, the report said, adding that the role of the NAA becomes very critical as sectors such as petroleum have not been included in the GST tax structure yet.

Source: internet.


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