New
Delhi, Nov 16: The Union Cabinet on Thursday put its seal on the creation
of the National Anti-profiteering Authority (NAA), an apex body to check
profiteering under GST regime.
The "anti-profiteering" measures enshrined in the GST law provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers. The Cabinet approval came at a meeting chaired by Prime Minister Narendra Modi, Minister for Electronic, IT and Law and Justice Ravi Shankar Prasad said here while briefing media about the Cabinet decisions. Sharp reduction in the GST rates of a large number of items of mass consumption came into effect from the midnight of November 14.
The GST rate has been slashed from 28% to 18% on goods falling under 178 headings. There are now only 50 items which attract the GST rate of 28%. Likewise, a large number of items have witnessed a reduction in GST rates from 18% to 12% and so on and some goods have been completely exempt from the tax. The institutional framework mandated under the GST law to check profiteering comprises the NAA, a Standing Committee, Screening Committees in every State and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC). UNI
The "anti-profiteering" measures enshrined in the GST law provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers. The Cabinet approval came at a meeting chaired by Prime Minister Narendra Modi, Minister for Electronic, IT and Law and Justice Ravi Shankar Prasad said here while briefing media about the Cabinet decisions. Sharp reduction in the GST rates of a large number of items of mass consumption came into effect from the midnight of November 14.
The GST rate has been slashed from 28% to 18% on goods falling under 178 headings. There are now only 50 items which attract the GST rate of 28%. Likewise, a large number of items have witnessed a reduction in GST rates from 18% to 12% and so on and some goods have been completely exempt from the tax. The institutional framework mandated under the GST law to check profiteering comprises the NAA, a Standing Committee, Screening Committees in every State and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC). UNI
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