GST Council must revive anti-profiteering norms to pass rate cut
Along with taking a call on GST rate cuts, anti-profiteering provisions will have to be brought in simultaneously…
Tag: Anti-profiteering
Govt likely to revive anti-profiteering rules under GST 2.0 overhaul
The government is considering re-invoking anti-profiteering provisions for a limited period to ensure that businesses pass on indirect tax benefits to consumers, following the proposed overhaul of the goods and service tax (GST) regime, according to a senior official.
GSTAT penalises Subway franchisee Rs 5.45 lakh for profiteering
Urban Essence, a franchisee of Subway, has been ordered to deposit Rs 5,45,005 plus 18% interest into the Consumer Welfare Funds (CWF) of the Central and Maharashtra governments within three months.
Profiteering worries cast cloud over GST cuts
The spectre of profiteering is holding back a new round of tax cuts, as the federal council for indirect taxes fears businesses will pocket the savings instead of passing them on.
Govt notifies Apr 1, 2025, as sunset date for GST anti-profiteering
The government has notified April 1, 2025, as the sunset date for the anti-profiteering clause in the GST law.
GST Anti-Profiteering Clause To Expire From April Next Year
The central government on Tuesday announced April 1, 2025, as the sunset date for the anti-profiteering clause in the Goods and Services Tax law.
Notification no. 19/2024 – Central Tax dated 30.09.2024
CBIC issued Notification no. 19/2024 – Central Tax dated 30.09.2024 to hereby appoints the 1st day of April, 2025 as the date from which the Authority referred to in the said section shall not accept any request for examination as to 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 that registered person.
It is mandatory to pas on the profit to the consumers
The Competition Commission of India in the case of Rahul Sharma held that passing on the profit to the consumer is mandatory and as per Rule 133 (1) of the CGST Rules and directed the Cinema Ventures to deposit the profiteered amount of Rs. 54,44,642/- along with interest. The interest was calculated at 18% from the date the amount was collected in excess from customers until the amount was deposited.
Obligation of the Assessee to reduce the price of the ticket in line with tax rate reduction
The Hon’ble Telangana High Court in Sudarshan Theatre dismissed the writ petitions and held that the Assessee violated Section 171 of the CGST Act by failing to reduce ticket prices immediately following the GST rate reduction effective from January 1, 2019.
New GST era set to start with end of anti-profiteering clause
While deciding to do away with the anti-profiteering clause, which mandates sellers to pass on the benefits of tax cuts.