Reetu | Nov 24, 2022 |
Govt. appoints CCI to handle Anti-Profiteering cases under sec 171(2) of CGST Act
The Central Board of Indirect Taxes and Customs(CBIC) issued notification regarding appointment of CCI to handle Anti-Profiteering cases under sec 171(2) of CGST Act.
Government has empowered the Competition Commission of India established under the Competition Act, 2002 as an authority under Section 171(2) with effect from December 1, 2022 to examine whether ITC availed or tax reduction has actually resulted in a commensurate reduction in the price of the goods or services. In this regard, relevant rules have also been modified accordingly.
The Notification Stated, “In exercise of the powers conferred by sub-section (2) of section 171 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Goods and Services Tax Council, hereby empowers the Competition Commission of India established under sub-section (1) of section 7 of the Competition Act, 2002 (12 of 2003), 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.”
This notification shall come into force with effect from 1st day of December, 2022.
For Official Notification Download PDF Given Below:
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