The Union Cabinet on Thursday approved the setting up of a National Anti-profiteering Authority, which is meant to ensure that consumers are protected from arbitrary increases in prices in the name of the Goods and Services Tax.
“The National Anti-Profiteering Authority is an assurance to consumers of India,” Union minister Ravi Shankar Prasad was quoted as saying by PTI. “If any consumer feels that the benefit of tax rate cut is not being passed on, he can complain to the authority.”
The National Anti-profiteering Authority, which will have five members, will have the power to cancel the registration of any business that does not pass the benefit of lower taxes to consumers. A five-member panel, headed by cabinet secretary PK Sinha, will select the chairperson and members of the authority.
The GST Council had earlier approved the setting up of the authority, which will have a sunset period of two years. The Cabinet approval “paves the way for the immediate establishment of this apex body”, a government release said.