https://www.taxtmi.com/article/detailed?id=9494 A supplier failed to pass on input tax credit benefits, confirming profiteering and triggering a show-cause notice under invoicing-related penalty provisions. The invoicing penalty provision, however, does not cover omission to pass on tax reductions or input tax credit because the profiteered amount is not a tax. A subsequently enacted specific penalty for profiteering operates prospectively, so it cannot be imposed for earlier contraventions; penalty proceedings under the invoicing provision were withdrawn. en-us Sat, 03 Oct 2020 18:58:48 +0530 Sat, 03 Oct 2020 18:58:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9494 A supplier failed to pass on input tax credit benefits, confirming profiteering and triggering a show-cause notice under invoicing-related penalty provisions. The invoicing penalty provision, however, does not cover omission to pass on tax reductions or input tax credit because the profiteered amount is not a tax. A subsequently enacted specific penalty for profiteering operates prospectively, so it cannot be imposed for earlier contraventions; penalty proceedings under the invoicing provision were withdrawn. Articles Goods and Services Tax - GST Sat, 03 Oct 2020 18:58:48 +0530 https://www.taxtmi.com/article/detailed?id=9494