Anti profiteering obligation requires tax reductions and input tax credit benefits to be passed to buyers as commensurate price cuts. Section 171 requires that reductions in tax rates or the benefit of input tax credit be passed to recipients by commensurate price reductions, and empowers the Central Government to notify or designate an Authority to examine compliance and exercise prescribed powers and functions to verify that registered persons have translated tax or credit benefits into reduced prices.
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Provisions expressly mentioned in the judgment/order text.
Anti profiteering obligation requires tax reductions and input tax credit benefits to be passed to buyers as commensurate price cuts.
Section 171 requires that reductions in tax rates or the benefit of input tax credit be passed to recipients by commensurate price reductions, and empowers the Central Government to notify or designate an Authority to examine compliance and exercise prescribed powers and functions to verify that registered persons have translated tax or credit benefits into reduced prices.
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