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TMI BlogANTI-PROFITEERING MEASURE [SECTION 171 OF THE CGST ACT, 2017]X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be passed on to the recipient by way of commensurate reduction in prices. 28.3. National Anti-profiteering Authority has been constituted by the Central Government 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 and/or services supplied by him. 28.4. As per Notification No. 19/2024-Central Tax, dated 30.09.2024, 1st day of April 2025 is the appointed date from which the Authority shall not accept any request for examination as to whether input tax credits availed by a registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods and/or se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Committee on Anti-profiteering. 28.7. If the Standing Committee is satisfied that there is a prima facie evidence to show that the supplier has not passed on the benefit, it shall refer the matter to the Director General of Anti-Profiteering (DGAP) for a detailed investigation within 2 months from the date of receipt of a written application (further extendable up to 1 month for reasons to be recorded in writing as may be allowed by the Authority). 28.8. The Directorate General of Anti Profiteering (DGAP) shall conduct investigation and collect evidence necessary to determine undue profiteering and before initiation of the investigation, issue a notice to the interested parties and to such other persons as deemed fit for a fair enquiry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill the date of the return of such amount or recovery of the amount including interest not returned, as the case may be; * deposit an amount equivalent to 50% of the amount determined under the above clause along with interest @ 18% from the date of collection of the higher amount till the date of deposit of such amount in the Consumer Welfare Fund of Centre and the remaining 50% of the amount in the Consumer Welfare Fund of the concerned State, where the eligible person does not claim return of the amount or is not identifiable; * imposition of penalty as specified under the Act; and * cancellation of registration under the Act. 28.13. If the report of the DGAP recommends that there is contravention or even non-contravention of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted by it during the process of determining as to whether the benefit has been passed on to the recipient by way of commensurate reduction in prices. * Period of interest will be calculated from the date of collection of higher amount till the date of return of such amount. * If the eligible person (i.e. the buyer) does not claim the return of the amount or the person is unidentifiable then the amount must be deposited to the Consumer Welfare Fund along with applicable interest. * A registered person who is found to have profiteered is liable to pay a penalty of 10% of such profiteered amount if the profiteered amount is not deposited within 30 days of the date of passing of the order by the Authority. 28.16. Central Government, vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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