Anti-profiteering measure, Sec 171 of CGST Act, 2017
The below post explains about Anti-profiteering measure under section 171 of CGST Act,2017.
Section 171 of CGST Act, 2017 explains Anti-profiteering measure as below: (The amendments if any will also be updated here soon).
The extract of Section 171 of CGST Act,2017 quoted below:
171 Anti-profiteering measure.
171. (1) 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.
(2) The Central Government may, on recommendations of the Council, by notification,
constitute an Authority, or empower an existing Authority constituted under any law for the
time being in force, to examine whether input tax credits availed by any registered person or
the reduction in the tax rate have actually resulted in a commensurate reduction in the price
of the goods or services or both supplied by him.
(3) The Authority referred to in sub-section (2) shall exercise such powers and discharge
such functions as may be prescribed.
The above information clarifies about Anti-profiteering measure under section 171 of CGST Act,2017.
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