https://www.taxtmi.com/article/detailed?id=8286 Section 171 mandates that any reduction in tax rates or the benefit of input tax credit must be passed to recipients by commensurate price reductions; suppliers who enhance base prices equal to the tax/ITC benefit and issue incorrect invoices thereby deny that benefit. The Authority held that such appropriation by the supplier is unlawful, that depositing excess tax does not absolve liability, and that computation of profiteering is case-specific though enforceable through the established anti-profiteering machinery which can direct deposit, recovery with interest, penalties and compliance reporting. en-us Fri, 14 Dec 2018 16:31:28 +0530 Fri, 14 Dec 2018 16:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8286 Section 171 mandates that any reduction in tax rates or the benefit of input tax credit must be passed to recipients by commensurate price reductions; suppliers who enhance base prices equal to the tax/ITC benefit and issue incorrect invoices thereby deny that benefit. The Authority held that such appropriation by the supplier is unlawful, that depositing excess tax does not absolve liability, and that computation of profiteering is case-specific though enforceable through the established anti-profiteering machinery which can direct deposit, recovery with interest, penalties and compliance reporting. Articles Goods and Services Tax - GST Fri, 14 Dec 2018 16:31:28 +0530 https://www.taxtmi.com/article/detailed?id=8286