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.”
Current Affairs Telugu
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