Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 12-1-2019 - The National Anti-profiteering Authority (NAA) has held that non-reduction of prices (MRP) after GST rate reduction amounts to indulgence in profiteering so as to invoke section 171 of the CGST Act, 2017 on anti-profiteering measures. In the matter of DGAP, CBIC, New Delhi v. JP & Sons, Delhi (2018) 12 TMI 472 (NAA), the NAA vide its Order dated 06.12.2018 has directed the business entity to reduce the prices of products by making commensurate reduction in prices vis-à-vis reduction in tax rates and pass on the benefit to buyers, besides depositing the amount so profiteered alongwith interest @ 18 percent to the Government exchequer. It also found the business entity guilty of issuing wrong invoices by not showing the correct basic prices and held it liable for offence committed under section 122(l)(i) of the CGST Act, 2017 for which penalty was imposable after following the adjudication process.

= = = = = = = =

Part of Full Text / Extract only
For full text:-Visit the Source

= = = = = = = =