Anti-profiteering: tax reductions and input tax credits must be passed on through commensurate price reductions. Section 171 requires that reductions in tax rates or benefits from input tax credit be passed on by way of a commensurate reduction in prices, and ... Summary
Anti-profiteering: tax reductions and input tax credits must be passed on through commensurate price reductions.
Section 171 requires that reductions in tax rates or benefits from input tax credit be passed on by way of a commensurate reduction in prices, and authorises the Central Government to constitute or empower an Authority to examine whether registered persons have reflected such tax reductions in the prices of goods or services, with that Authority exercising prescribed powers and functions to investigate compliance.
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