Goods and Services Tax – GST – By: – Prasanna Cp – Dated:- 11-12-2017 – Anti-profiteering rules are as result of lessons learnt from inflation and increased price that was witnessed after GST implementation in other countries, Hence it makes more important for the Indian Administrators to keep track on the prices after implementation of GST. The section which empowers the Anti-Profiteering measures is reproduced as follows: Section 171 of CGST Act: Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. The Central Government, on recommendations of the Council, by notification, constitute an Authority, or empower an ex
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uction in prices to order: reduction in prices return to the recipient, an amount equivalent to the amount not passed on by way of commensurate reduction in prices along with interest at the rate of eighteen per cent. from the date of collection of the higher amount till the date of the return of such amount. or recovery of the amount not returned in case the eligible person does not claim return of the amount or is not identifiable, and depositing the same in the Consumer Welfare Fund. Imposition of penalty. Cancellation of registration. Government seems to push hard with this Clause to ensure the end consumers are benefited and business entity need to prepare itself and pass on the benefits and ensure steady flow of value chain Manufactur
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