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of <h1>Section 171 of GST Act: Tax Rate Reductions Must Reflect in Prices, Ensuring Benefits Reach Consumers.</h1> Section 171 of the Jammu and Kashmir Goods and Services Tax Act, 2017 mandates that any reduction in the tax rate on goods or services or benefits from input tax credits must be passed to the recipient through a corresponding price reduction. The Central Government, upon the Council's recommendation, may establish or empower an existing authority to verify if these tax benefits lead to actual price reductions. This authority will have specific powers and responsibilities as prescribed to ensure compliance with this provision.
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