Now Competition Commission of India to examine Anti-Profiteering & CBIC amends rules related to National Anti-Profiteering Authority
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.
Under section 171(2) Antiprofiteering measure The Central Government may, on recommendations of the Council, by notification, constitute an Authority, or empower an existing Authority constituted under any law for the time being in force, 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.
By way of notification No. 23/2022 – Central Tax 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.
Following Rules shall be omitted/Amended with effect from 1st day of December ,2022:
Rule | Description | Status |
Rule 122 | Constitution of the Authority | Omitted. |
Rule 124 | Appointment, salary, allowances and other terms and conditions of service of the Chairman and Members of the Authority | Omitted. |
Rule 125 | Secretary to the Authority | Omitted. |
Rule 127 | Duties of the Authority | Amended 1)In the marginal heading, for the word “Duties”, the word “Functions”, shall be substituted; 2)For the words “It shall be the duty of the Authority, -”, the words “The authority shall discharge the following functions, namely:–” shall be substituted. |
Rule 134 | Decision to be taken by the majority | Omitted. |
Rule 137 | Tenure of Authority | Omitted |
After Rule 137, in the Explanation, for clause (a) | (a) “Authority” means the National Anti-profiteering Authority constituted under rule 122. | Explanation Amended ‘(a) “Authority” means the Authority notified under sub-section (2) of section 171 of the Act;’. |
This notification/Rules shall come into force with effect from 1st day of December 2022.
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Published on: November 25, 2022