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Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
The AT held that the Respondent engaged in profiteering under Section 171, CGST Act, by failing to pass on GST rate reductions effective 01.10.2019; the statutory rebuttable presumption that reduced tax rates require commensurate price reductions was not successfully rebutted. The Respondent's claim of COVID-related additional costs was found unsubstantiated and after-the-fact. The AT directed recovery of Rs. 31,28,631 with interest at 18% p.a. from 01.10.2019 until realization, and ordered deposit of the realized amount into the Consumer Welfare Fund to be apportioned equally between the Centre and States.
The AT held that the Respondent engaged in profiteering under Section 171, CGST Act, by failing to pass on GST rate reductions effective 01.10.2019; the statutory rebuttable presumption that reduced tax rates require commensurate price reductions was not successfully rebutted. The Respondent's claim of COVID-related additional costs was found unsubstantiated and after-the-fact. The AT directed recovery of Rs. 31,28,631 with interest at 18% p.a. from 01.10.2019 until realization, and ordered deposit of the realized amount into the Consumer Welfare Fund to be apportioned equally between the Centre and States.
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