https://www.taxtmi.com/article/detailed?id=8998 Profiteering under Section 171 is measured by the ITC that became available to the supplier post-GST versus pre-GST and must be passed to recipients via commensurate price reduction; actual utilization or voluntary reversal of ITC by the supplier does not affect this computation. DGAP computed incremental ITC as a percentage of turnover by comparing pre- and post-GST ITC ratios; Rule 42 prescribes the timing for mandatory reversal tied to completion/occupancy events, and reversal done earlier or after the investigation period does not negate the supplier's obligation to pass benefits. The authority ordered refunds with interest and oversight by tax commissioners, and indicated penalty exposure for denial of benefit. en-us Mon, 16 Mar 2020 08:08:50 +0530 Mon, 16 Mar 2020 08:08:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8998 Profiteering under Section 171 is measured by the ITC that became available to the supplier post-GST versus pre-GST and must be passed to recipients via commensurate price reduction; actual utilization or voluntary reversal of ITC by the supplier does not affect this computation. DGAP computed incremental ITC as a percentage of turnover by comparing pre- and post-GST ITC ratios; Rule 42 prescribes the timing for mandatory reversal tied to completion/occupancy events, and reversal done earlier or after the investigation period does not negate the supplier's obligation to pass benefits. The authority ordered refunds with interest and oversight by tax commissioners, and indicated penalty exposure for denial of benefit. Articles Goods and Services Tax - GST Mon, 16 Mar 2020 08:08:50 +0530 https://www.taxtmi.com/article/detailed?id=8998