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of <h1>Amendment to Section 171 CGST Act: 10% Penalty for Not Passing Tax Benefits; Waived if Paid in 30 Days.</h1> Section 171 of the Central Goods and Services Tax Act has been amended to include sub-section (3A), which imposes a penalty on registered persons found to have profiteered by not passing on tax rate reductions or input tax credit benefits to recipients. The penalty is set at ten percent of the profiteered amount. However, no penalty will be imposed if the profiteered amount is deposited within thirty days of the Authority's order. The term 'profiteered' refers to failing to reduce prices commensurately with tax rate reductions or input tax credits. This amendment took effect on January 1, 2020.
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