CURRENT AFFAIRS

Detailed explanation-1: -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-2: -IAS Exam Latest Updates The National Anti-Profiteering Agency is a statutory body established under Section 171 of the Central GST Act, 2017 to ensure that the benefit of the input tax credit or the reduction in the rate of tax is passed on to the recipient in the form of a price reduction.

Detailed explanation-3: -The GST Council, in its 45th meeting in September last year, gave another 1-year extension till November 30, 2022, to NAA and also decided to shift the work to CCI after that. As per the decision by the Council, NAA will cease to exist from December 1.

Detailed explanation-4: -The Authority’s core function is to ensure that benefits of reduction in GST rates on goods and services and of the input tax credit are passed on to consumers by way of reduction in prices. Initially, it was set up for two years till 2019, but was later extended till November 2021.