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16 November 2017
 |
| GST (The Total Investment & Insurance Solutions) |
The
Union Cabinet on Thursday gave its approval for the creation of the posts of
chairman and technical members of the National Anti-profiteering Authority
(NAA) under GST, following up immediately on yesterday's sharp reduction in the
GST rates of a large number of items of mass consumption.
This
paves the way for the immediate establishment of this apex body, which is
mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the
ultimate consumers by way of a reduction in prices.
The
establishment of the NAA, to be headed by a senior officer of the level of
secretary to the government with four technical members from the Centre and/or
the States, 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. The Total
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It
may be recalled that effective from midnight of 14th November, 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.
Affected
consumers who feel the benefit of commensurate reduction in prices is not being
passed on when they purchase any goods or services may apply for relief to the
Screening Committee in the particular State.
However,
in case the incident of profiteering relates to an item of mass impact with
'All India' ramification, the application may be directly made to the Standing
Committee. After forming a prima facie view that there is an element of
profiteering, the Standing Committee shall refer the matter for detailed
investigation to the Director General of Safeguards, CBEC, which shall report its
findings to the NAA.The Total
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