https://www.taxtmi.com/article/detailed?id=9570 A supplier of a used imported offset press failed to reduce the base price to reflect the benefit of input tax credit available after GST implementation and thereby contravened Section 171 of the CGST Act, 2017. DGAP found that the supplier retained the pre-GST embedded duty component in the base price despite being eligible to claim IGST credit post-import, calculated a commensurate reduced price and identified the excess charged as profiteering. NAA upheld the finding, directed refund of the profiteered amount with interest and noted possible penalty under Section 171(3A). en-us Thu, 03 Dec 2020 10:00:02 +0530 Thu, 03 Dec 2020 10:00:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9570 A supplier of a used imported offset press failed to reduce the base price to reflect the benefit of input tax credit available after GST implementation and thereby contravened Section 171 of the CGST Act, 2017. DGAP found that the supplier retained the pre-GST embedded duty component in the base price despite being eligible to claim IGST credit post-import, calculated a commensurate reduced price and identified the excess charged as profiteering. NAA upheld the finding, directed refund of the profiteered amount with interest and noted possible penalty under Section 171(3A). Articles Goods and Services Tax - GST Thu, 03 Dec 2020 10:00:02 +0530 https://www.taxtmi.com/article/detailed?id=9570