As per the Anti-Profiteering Clause, all the benefits owing to reduction in applicable tax rate or increase in Input Tax Credit (ITC) in Goods and Services Tax (GST) era should be passed on to the end consumers through reduction in sale price. This clause makes it mandatory for businesses to pass on the benefit related to reduction in tax to the end consumers or customers.
GST, a unified tax regime for indirect taxes. This is perhaps the biggest tax reform in the regime of indirect taxes as it succeeds a number of indirect taxes that are applicable under the current regime.
The taxation framework in India is about to experience a radical shift once the GST (Goods and Services Tax) system takes over.
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