Anti profiteering obligation requires passing tax reductions and input tax credit benefits to recipients through commensurate price reductions. Section 171 requires that reductions in tax rates or the benefit of input tax credit be passed to recipients by way of a commensurate reduction in prices. ... Summary
Anti profiteering obligation requires passing tax reductions and input tax credit benefits to recipients through commensurate price reductions.
Section 171 requires that reductions in tax rates or the benefit of input tax credit be passed to recipients by way of a commensurate reduction in prices. The Central Government may, on the Council's recommendation, notify an Authority or empower an existing Authority to examine whether registered persons have passed on these benefits, and that Authority shall exercise such powers and discharge such functions as may be prescribed.
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