2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Engineering Export Promotion Council
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Goods And Service Tax
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Council National Skill Development Council (NSDC)
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Indian Council of Arbitration (ICA)
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Detailed explanation-1: -The formation of NAA comes in the background of rate-reduction of large number of items by GST Council in its 22nd meeting at Guwahati. At the meeting, the Council reduced rates of more than 200 items including goods and services.
Detailed explanation-2: -Ans. The National Anti-Profiteering Authority (NAA) is required to determine whether the benefit of input tax credit or reduction in the tax rate has actually resulted in a commensurate reduction in the price of the goods or services or both.
Detailed explanation-3: -National Anti-Profiteering Authority is a mechanism devised to ensure that prices remain under check and to ensure that businesses do not pocket all the gains from GST because profit is fine, but undue profiteering at the expense of the common man is not.
Detailed explanation-4: -Structure of GST council Chairperson: Union Finance Minister, Arun Jaitley. State Union Minister in-charge of Finance and Revenue. Finance and Taxation in-charge Minister. Other state government nominated Minister as member of GST Council.