Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Failure to pass on input tax credit benefits under GST was found to constitute profiteering, as the post-GST ITC-to-purchase ratio increased on verified audited figures and the respondent retained the additional benefit instead of passing it to homebuyers. The determined profiteered amount was ordered to be refunded to eligible homebuyers with interest at 18% per annum from the respective dates of collection until refund. Penalty under Section 171(3A) was not imposed because the violation period predated its commencement and the respondent had refunded the amount, attracting the statutory proviso against penalty.
Failure to pass on input tax credit benefits under GST was found to constitute profiteering, as the post-GST ITC-to-purchase ratio increased on verified audited figures and the respondent retained the additional benefit instead of passing it to homebuyers. The determined profiteered amount was ordered to be refunded to eligible homebuyers with interest at 18% per annum from the respective dates of collection until refund. Penalty under Section 171(3A) was not imposed because the violation period predated its commencement and the respondent had refunded the amount, attracting the statutory proviso against penalty.
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