Apr 26, 2024
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What is profiteering
In terms of Section 171 of the CGST Act, 2017, the suppliers of goods and services should pass on the benefit of any reduction in the rate of tax or the benefit of input tax credit to the recipients by way of commensurate reduction in prices. The wilful action of not passing on the above benefits to the recipients in the manner prescribed is known as “profiteering”.
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suppliers-of-goods-and-servicesrate-of-taxprofiteeringreduction