What is National Anti Profiteering Authority in GST?
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.
National Anti-profiteering Authority (NAA) is all set to be subsumed into the Competition Commission of India (CCI), according to a report in Livemint. NAA is the anti-profiteering watchdog of GST. Its term ends in November, and no extension has been planned, per the report.13-Jun-2022
Is NAA a statutory body?
The National Anti-profiteering Authority (NAA) is the statutory mechanism under GST law to check the unfair profiteering activities by the registered suppliers under GST law.
A statutory authority, National Anti Profiteering Authority (NAA) is a mechanism under Goods and Services Tax law. It is responsible to keep a check on the irregular and unfair profiteering activities (if any) by the registered suppliers.
Who is the chairman of NAA?
Badri Narain Sharma, the 1985 batch IAS officer of the Rajasthan cadre, has been appointed the chairman of the newly constituted National Anti-Profiteering Authority (NAA) under the Goods and Services Tax (GST) regime.
This is the basis of anti-profiteering provisions under GST. Under anti-profiteering provisions, its illegal for a business to not pass on benefits of GST rate benefits to the end consumer and thereby indulging in illegal profiteering.
Who is the chairman of National Anti-Profiteering Authority?
Input Tax Credit Mechanism. in GST. Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is 'tax on tax'.
What are the powers of Napa?
In the event the National Anti-profiteering Authority confirms the necessity of applying anti-profiteering measures, it has the power to order the business concerned to reduce its prices or return the undue benefit availed along with interest to the recipient of the goods or services.05-Mar-2020
National Anti-profiteering Authority (NAA) is a government of India body that was set up under Section 171 of the Central Goods and Services Tax Act, 2017.
What is compliance rating?
A good compliance rating implies that the organization is punctual in filing their returns, thereby making it easy for buyers to claim timely input tax credit on their purchases. Businesses with a rating of 5 or above on a scale of 10 will be provided immediate tax refunds.27-Aug-2021
Ordinarily, taxation involves payment of tax at lower rates on inputs and a relatively higher rate of tax on the final product / output. In contrast, however, as the name suggests, inverted duty structure indicates a situation when the rate of tax on inward supply is higher than rate of tax on outward supply.18-Jul-2022
What is the meaning of anti profiteering?
What is an 'Anti-profiteering' activity? Any reduction in rate of GST tax on any supply of goods or services or the benefit of input tax credit should have been passed on to the recipient by way of commensurate reduction in prices.
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*.22-Jul-2022
What is GST Council Upsc?
The Council, according to Article 279, is meant to “make recommendations to the Union and the states on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws”. It also decides on various rate slabs of GST.30-Jun-2022
A registered person (including an Input Service Distributor) can claim Input tax credit on the strength of the following conditions: a) He must possess a Tax invoice issued by the supplier of goods or services or both or Debit note issued by a supplier b) He must have received supply of goods or services or both c) He
Who can claim refund in GST?
Any taxpayer can claim a refund of any tax, interest, penalty, fees or any other amount paid by him by filing an application electronically in FORM GST RFD-01 through the GST Common Portal or through a GST Facilitation Centre.
As per the new rule , a taxpayer filing GSTR-3B can claim provisional Input Tax Credit (ITC) only to the extent of 10% of the eligible credit available in GSTR-2A. The amount of eligible credit is arrived upon those invoices or debit notes, the details of which have been uploaded by the suppliers in the GSTR-2A only.07-Jun-2020
What is avoidance of dual control?
A taxable person is required to pay both CGST and SGST. Thus, for same transaction, he will have to face two authorities. This will make his life miserable as two authorities may take different view on same transactions.07-Dec-2019
Thus, GST Compensation Cess or GST Cess was introduced by the government to compensate for the possible revenue losses suffered by such manufacturing states. However, under existing rules, this compensation cess will be levied only for the first 5 years of the GST regime – from July 1st, 2017 to July 1st, 2022.27-Jun-2022
What is reverse charge mechanism Upsc?
Reverse charge is an additional check. By putting the burden of paying the tax on the buyer, in cases where the supplier does not pay GST, the Government is gently coercing all businesses to sign up for GST. It is a kind of self-policing mechanism.20-Jun-2017
What is National Anti Profiteering Authority in GST?