The ideology of anti-profiteering is pretty simple that any benefit arising because of change in the indirect tax law should not be enjoyed by the business but has to be passed on to the consumers. Since indirect taxation is a burden on consumer, any profit arising because of change in tax law should be passed on to the consumers and not to be retained by the business.
With this basic understanding of the concept of anti-profiteering, we would now proceed to understand the provisions of anti-profiteering under the goods and service tax laws (for brevity ‘GST laws’/’GST’). Section 171 of Central Goods & Services Tax Act, 17 (for brevity ‘CGST Act’) deals with anti-profiteering provisions which states that ‘Any reduction in rate of tax on 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’.
A very warm good morning to each one of you. On behalf of SBS, I congratulate everyone on SBS turning 9 years today. This is the first Annual celebration we are celebrating outside SBS premises, past years has been very special in many ways. I humbly thank all the Partners, Clients, Employees, Interns, families of the partners and employees, Government Authorities, Associates and other Stakeholders, who have been a constant support to the organisation right from the inception. I wish the entire team will have their prayers and blessings going forward too.
