B.N Sharma appointed as chairman of NAA
The government announced that it had appointed B.N. Sharma as the first Chairman of the National Anti-profiteering Authority (NAA), which is tasked with ensuring the benefits of the Goods and Services Tax are passed on to consumers.
What it does:
- It can apply anti-profiteering measures, it has the authority to order the business concerned to reduce prices or return undue benefit availed, with interest at the rate of 18% to consumers of the goods or services,”
- “If the undue benefit cannot be passed on to the consumers, it can be ordered to be deposited in the Consumer Welfare Fund.
- The Authority also has the power to impose the penalty on the defaulting business or even order the cancellation of its registration under GST.”
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