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Antiprofiteering measure Section 171 - GST Ready Reckoner - GSTExtract Antiprofiteering measure As per section 171 (1) Reduction in rate of tax shall be proportionate by way of reduction in price 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. As Per Section 171(2) To be Read with Rule 133 of CGST ACT Order of the Authority Appointment of Notified Authority by Central Government to keep a check [ NOTIFICATION NO. 23/2022 Central Tax Dated 23rd November, 2022 ] The Competition Commission of India established under sub-section (1) of section 7 of the Competition Act, 2002 (w.e.f 01st December 2022] 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. As per amendment held in Section 171(3) Penalty equivalent to 10% of the amount so profiteered Where the Authority appointed comes to the conclusion that any registered person has profiteered under sub-section (1), Penalty equivalent to 10% of the amount so profiteered will be levied No penalty imposed :- if the profiteered amount is deposited within thirty days of the date of passing of the order by the Authority Meaning of Profiteered As per explanation of section 171 profiteered shall mean the amount determined on account of not passing the benefit of reduction in rate of tax on supply of goods or services or both or the benefit of input tax credit to the recipient by way of commensurate/proportionate reduction in the price of the goods or services or both.
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