The formation of ' National Anti profiteering Authority ' was granted under ' commodity and service tax ' at the central disinvestment meeting, Prime Minister on November 16, 2017. I.e. the ' National Anti profiteering Authority ' is being set up so that the ' commodity and service tax ' implementation would reduce the price of goods and services that would benefit the consumers.
- ' Commodity & Service tax ' has been provisioned in the law to ensure that Anti Profiting measures at the national level will be built up to the institutional framework in order to increase the input tax on the supply of goods and services to consumers by leveraging credit and GST rates.
- In addition to the ' National Anti profiteering Authorization ' under this institutional framework, a standing Committee shall be incorporated into each State and the Directorate General of CBEC ' Safeguards ' (CBEC) etc.
Methodology for 'National Anti profiteering Authority):
- The consumer believes that "GST" is not getting the benefit of the prices on purchasing of goods and services, so they will be able to apply to their state inquiry committee. If consumers find that they are not able to benefit from a reduction in the price of goods and service used appraisal at the All India level, they will be able to apply directly to the Standing Committee.
- If the Standing Committee appears to be in the primary view that the related complaint involves profiteering, he or she will be able to send the matter directly to the Directorate General of the ' Central Product & Customs Board ' (CBEC) Safeguards.
- If, after all, the ''National Anti Profiteering Authority ' finds that consumers should benefit, it will be able to order the producer and supplier to compensate consumers for the decreased prices.
- If the non-legally acquired benefits cannot be transported to the consumer, the related profiteering, producers and supplier will have to be credited to the ' Consumer Welfare Fund '.
- Thus, the ' National Anti Profiteering Authority ' will prove helpful in protecting the interests of consumers by controlling profiteering.
