Transfer pricing comparables and operating income principles applied to software development services, with exclusions, inclusions, and tax credit ver...
Transfer pricing on performance guarantees and overdue receivables deleted where warranty obligations were embedded and working capital adjustment alr...
The respondent, engaged in selling medicines with GSTIN 24AFKPG7000FIZZ, failed to pass on the benefit of GST rate reduction from 28% to 18% on the product "Eclat Serum 30gm" (HSN 33049910) to the recipients, effective from 15.11.2017 as per Notification No. 41/2017-Central Tax (Rate) dated 14.11.2017. This contravened Section 171(1) of the CGST Act, 2017. The profiteered amount is determined as Rs. 2,06,100/- u/r 133(1) of the CGST Rules 2017. The respondent is required to pass on the profiteered amount of Rs. 2,06,100/- along with 18% interest from the date of collection till payment, as per Rule 133(3)(b). Although the respondent committed an offence u/s 171(3A) by denying the rate reduction benefit, penalty cannot be imposed retrospectively as Section 171(3A) was inserted effective 01.01.2020.
The respondent, engaged in selling medicines with GSTIN 24AFKPG7000FIZZ, failed to pass on the benefit of GST rate reduction from 28% to 18% on the product "Eclat Serum 30gm" (HSN 33049910) to the recipients, effective from 15.11.2017 as per Notification No. 41/2017-Central Tax (Rate) dated 14.11.2017. This contravened Section 171(1) of the CGST Act, 2017. The profiteered amount is determined as Rs. 2,06,100/- u/r 133(1) of the CGST Rules 2017. The respondent is required to pass on the profiteered amount of Rs. 2,06,100/- along with 18% interest from the date of collection till payment, as per Rule 133(3)(b). Although the respondent committed an offence u/s 171(3A) by denying the rate reduction benefit, penalty cannot be imposed retrospectively as Section 171(3A) was inserted effective 01.01.2020.
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