https://www.taxtmi.com/article/detailed?id=12300 Section 171(1) requires suppliers to pass on benefits from tax rate reductions or newly available input tax credit via commensurate price reductions. Rules 126 and 127 vest the National Anti Profiteering Authority with power to determine methodology, identify non compliant registered persons, and order price reductions, refunds with interest, penalties, or cancellation of registration. The article highlights implementation gaps: absence of prescribed mechanisms to establish whether a supplier received a benefit, how to quantify it, and failure to account for other cost drivers that may legitimately alter prices. en-us Thu, 08 Feb 2024 12:00:25 +0530 Thu, 08 Feb 2024 12:00:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12300 Section 171(1) requires suppliers to pass on benefits from tax rate reductions or newly available input tax credit via commensurate price reductions. Rules 126 and 127 vest the National Anti Profiteering Authority with power to determine methodology, identify non compliant registered persons, and order price reductions, refunds with interest, penalties, or cancellation of registration. The article highlights implementation gaps: absence of prescribed mechanisms to establish whether a supplier received a benefit, how to quantify it, and failure to account for other cost drivers that may legitimately alter prices. Articles Goods and Services Tax - GST Thu, 08 Feb 2024 12:00:25 +0530 https://www.taxtmi.com/article/detailed?id=12300