Chairman of National Anti-Profiteering Authority (NAA) B.N. Sharma announced Consumer complaints are not the only trigger for NAA. This invoice could later be cancelled and the cancelled invoice be taken cognisance of for checking out matters if need be.
- 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.
- Besides the NAA, Standing Committee, Screening Committees in every State and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC) work together on the anti-profiteering.
- Citing instances of some tax payers increasing prices of products whose rates have been reduced.
- Industry has to first pass on the benefits and then increase prices, say two months later, in a justifiable manner.
- NAA had issued orders against nine businesses which were found not to have passed on rate cut benefits to the tune of ₹559.8 crore.
- Mock purchases can be made by NAA offices to check a trader’s invoice for profiteering.