https://www.taxtmi.com/article/detailed?id=9522 Supplier alleged not to have passed the benefit of additional Input Tax Credit post GST; investigation compared ITC as percentage of turnover pre GST (0.49%) and post GST (7.73%) to compute an incremental ITC benefit of 7.24%. That percentage was applied to amounts collected from buyers in differing tariff phases to determine base profiteered sums and tax components on a unit wise basis. The anti profiteering provision of the CGST framework and implementing rules were applied to require passing the quantified ITC benefit, payment with interest, potential penalty, and monitoring by tax commissioners. en-us Sat, 24 Oct 2020 12:30:49 +0530 Sat, 24 Oct 2020 12:30:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9522 Supplier alleged not to have passed the benefit of additional Input Tax Credit post GST; investigation compared ITC as percentage of turnover pre GST (0.49%) and post GST (7.73%) to compute an incremental ITC benefit of 7.24%. That percentage was applied to amounts collected from buyers in differing tariff phases to determine base profiteered sums and tax components on a unit wise basis. The anti profiteering provision of the CGST framework and implementing rules were applied to require passing the quantified ITC benefit, payment with interest, potential penalty, and monitoring by tax commissioners. Articles Goods and Services Tax - GST Sat, 24 Oct 2020 12:30:49 +0530 https://www.taxtmi.com/article/detailed?id=9522