New Delhi: The Union Cabinet on Thursday approved the creation of posts of chairman and technical members of the National Anti-profiteering Authority (NAA) under Goods and Services Tax (GST).
This paves the way for the immediate establishment of NAA, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices, said Union Minister Ravi Shankar Prasad.
The NAA will be headed by a senior officer of the level of Secretary to the Government of India with four technical members from the Centre and/or the States.
The GST was made effective from the midnight of November 14 and it has been slashed from 28 to 18 percent on goods falling under 178 headings.
There are now only 50 items which attract the GST rate of 28 percent.
Likewise, a large number of items have witnessed a reduction in GST rates from 18 to 12 percent and so on and some goods have been completely exempted from GST.