Advisory Services
Audit
Consulting
ESG Advisory
RBI Registration
SEBI Registration
IRDA Registration
FEMA Advisory
Compliances
IBC Services
VCFO Services
Growing
Developing
ME-1
ME-2
EU-1
EU-2
SE
Others
Select Your Location
In this article, we will discuss the Anti Profiteering Authorities appointed to make sure that these rules relating to anti-profiteering are properly adhered by the business houses, traders, and all the other concerned parties.
A three-tier authority structure has been constructed by the GST Council for the purpose of implementation of the said Anti-profiteering rules. This three-tier authority structure comprises of the following:
Except for these three level authorities, Directorate General of Safeguards (DGS) in Central Board of Excise & Customs (CBEC) also form part of this structure.
Table of Contents
They should be appointed by the nomination of the Council.
Currently, Mr. Badri Narain Sharma holds the post of Chairman of the National Anti-profiteering Authority.
Standing Committee shall constitutes of the officers of Central as well as the State Government as recommended by the GST Council.
The main objective of forming the Authority is to implement the Anti-profiteering measure specified in Section 171 of the Central Goods and Service Act, 2017[1].
Firstly, to make sure that any reduction in the tax rate of any goods or services along with the benefits of input tax credit should be ultimately passed down to the final recipient of goods or services by way of reduced maximum retail prices.
Secondly, to identify the parties which are registered under Goods and service tax and have not passed down the benefit of reduced tax rates or input tax credit to the recipient of final goods or services.
The authority has the power to take actions against such registered taxpayers after it is identified by them or on any application or complaint received from any aggrieved party.
The authority after conducting the due investigation comes to the conclusion that the benefit of reduced tax rates and availed input tax credit is not passed down to the consumer of the goods or services, then it has the power to pass an order of the following effects:
The said interest is to be calculated from the date the benefit is not passed down and a higher amount was collected from the recipient.
If the final recipient is not identifiable then said amount along with the interest is required to be deposited in the Fund.
Above orders passed by the Authority, will be implemented by any of the following authorities on the direction of National Anti-profiteering Authority (NAA):-
Read our article:What is the Impact of the GST on Restaurant Services
Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
Are you human?: 3 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The Central Board of Indirect Taxes and Customs further extended the deadline for GSTR-3B in its new notification....
22 Aug, 2019
The input Tax credit is accumulated when the tax paid on inputs is more than the actual tax liability. The accumula...
03 Apr, 2020
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!