Govt of India to Abolish National Anti-profiteering Authority

• National Anti-profiteering Authority(NAA) is the anti-profiteering watchdog of GST and it is all set to be subsumed into the Competition Commission of India (CCI).
• The National Anti-profiteering Authority (NAA) was established under section 171 of the Central Goods and Services Tax Act, 2017. The NAA was set up to monitor and to oversee whether the reduction or benefit of input tax credit is reaching the recipient by way of appropriate reduction in prices.
• National Anti-profiteering Authority (NAA) is therefore primarily constituted by the central government to analyse whether input tax credits availed by any registered person or the reduction in the tax is passed onto the consumer and he/she is protected from random price increase for self-interests in the name of GST.

October Weekly Current Affairs (International) Bitbank: Which country is now India's Seventh-Largest Trading Partner?

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