Profiteering penalty expanded: authority may impose a specified penalty unless the profiteered amount is deposited within a short period. A new provision authorises the designated authority to determine instances of profiteering after required examination and to impose a penalty equal to ten percent of the amount found to have been profiteered when a registered person fails to pass the benefit of a tax rate reduction or input tax credit by way of commensurate price reduction. The penalty is waived if the profiteered amount is deposited within a short period after the authority's order. The provision defines profiteered as the amount determined on account of not passing the benefit of rate reduction or input tax credit by commensurate reduction in price.
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Profiteering penalty expanded: authority may impose a specified penalty unless the profiteered amount is deposited within a short period.
A new provision authorises the designated authority to determine instances of profiteering after required examination and to impose a penalty equal to ten percent of the amount found to have been profiteered when a registered person fails to pass the benefit of a tax rate reduction or input tax credit by way of commensurate price reduction. The penalty is waived if the profiteered amount is deposited within a short period after the authority's order. The provision defines profiteered as the amount determined on account of not passing the benefit of rate reduction or input tax credit by commensurate reduction in price.
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