Consider the following statements about the National Anti-profiteering Authority under the GST and identify the incorrect one/s?

1.    According to the rules, the Authority will have a 3 tier structure, including a Standing Committee on Anti-profiteering, State-level Screening Committees, and a National Anti-profiteering Authority.

2.    Its mandate is to ensure that the benefits that accrue to entities due to reduction in costs is passed on to the consumers.

3.    It is only a recommendatory body and does not have penalising powers

Select the correct answer using codes given below