1. Government of India to abolish National Anti-profiteering Authority
Tags: National Economy/Finance
Government of India has decided to abolish the National Anti-profiteering Authority (NAA) from1 December 2022 as its terms come to an end on 30 November 2022. From 1 December 2022 the Goods & Services Tax (GST) anti-profiteering complaints would be dealt with by the Competition Commission of India (CCI) .
The GST Council, in its 45th meeting in September 2021, gave another 1-year extension till November 30, 2022, to NAA and also decided to shift the work to CCI after that.
National Anti-profiteering Authority (NAA)
The National Anti-profiteering Authority (NAA) was set up by the government of India on 30 November 2017 under section 171 of the Goods and Service Tax 2017. The Goods and Service Tax was implemented in India from 1 July 2017.
Function of the NAA
The main function of the NAA is to check the unfair profiteering activities by the registered suppliers under GST law.
It ensures that the benefits of the reduction in GST rates on goods and services done by the GST Council and of the Input tax credit are passed on to the recipients by way of commensurate reduction in the prices by the suppliers.
Who will deal with the anti-profiteering complaint under GST?
From 1st of December 2022, the investigation on complaints of profiteering by the consumers will be done by the Directorate General of Anti-profiteering (DGAP) which will then submit a report to CCI.
Competition Commission of India is the national competition regulator in India. It was set up in March 2009. Sangeeta Varma is the acting Chairperson of CCI.
2. Sangeeta Verma appointed as the acting chief of Competition Commission of India
Tags: Economy/Finance Person in news
The government of India has appointed Sangeeta Verma as the acting chairperson of the Competition Commission of India (CCI) on 25 October 2022.
Sangeeta Verma who was a member of the CCI will take charge on 26 October 2022 after the retirement of the full-time Chairperson Ashok Kumar Gupta on 25 October 2022.
According to the government order she will remain in office for “a period of three months or till appointment of regular Chairperson or till any further orders, whichever is the earliest”.
Ashok Kumar Gupta had taken over as the CCI chairperson in November 2018.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) was established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act.
It was constituted in March 2009.
The following are the objectives of the Commission.
- To prevent practices having adverse effects on competition.
- To promote and sustain competition in markets.
- To protect the interests of consumers and
- To ensure freedom of trade.
Members of the CCI
It consists of 7 members; one Chairperson and six other members.
The members are appointed by the government for five years and are re -eligible for appointments.
However the members have to retire after attaining the age of sixty-five years.
First Chairperson of CCI: Dhanendra Kumar
Headquarters: New Delhi
