https://www.taxtmi.com/article/detailed?id=8734 Benefit of a GST rate reduction must be passed to recipients by a commensurate reduction in prices; a supplier raised base prices after a rate cut on ventilating hoods, producing a measured profiteering amount by comparing pre- and post-reduction basic prices. Incorrect invoicing concealed the true basic price and resulted in collection of additional tax, rendering the supplier liable for deposit of the profiteered sum with interest into the Consumer Welfare Fund and exposure to penalties for incorrect tax invoices, while authorities must monitor price adjustments to secure compliance. en-us Sat, 21 Sep 2019 07:12:14 +0530 Sat, 21 Sep 2019 07:12:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8734 Benefit of a GST rate reduction must be passed to recipients by a commensurate reduction in prices; a supplier raised base prices after a rate cut on ventilating hoods, producing a measured profiteering amount by comparing pre- and post-reduction basic prices. Incorrect invoicing concealed the true basic price and resulted in collection of additional tax, rendering the supplier liable for deposit of the profiteered sum with interest into the Consumer Welfare Fund and exposure to penalties for incorrect tax invoices, while authorities must monitor price adjustments to secure compliance. Articles Goods and Services Tax - GST Sat, 21 Sep 2019 07:12:14 +0530 https://www.taxtmi.com/article/detailed?id=8734