Anti profiteering obligation requires suppliers to pass tax rate reductions and input tax credit benefits through to recipients. Section 171 mandates that reductions in tax rates or benefits of input tax credit must be passed on to recipients by way of commensurate price reductions, ... Summary
Anti profiteering obligation requires suppliers to pass tax rate reductions and input tax credit benefits through to recipients.
Section 171 mandates that reductions in tax rates or benefits of input tax credit must be passed on to recipients by way of commensurate price reductions, and authorises the Central Government to constitute or empower an Authority to examine whether suppliers have effected such pass through; the Authority will exercise prescribed powers and functions to verify compliance.
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