Connect with us

Company News

GST Probe Body Issues Notice To Samsung For Making Undue Profit

The government’s GST probe body has served a notice to Samsung India for making alleged undue profits under the goods and services tax regime, according to a person familiar with the development.

The Directorate General of Anti-Profiteering, based on a complaint it received, issued a notice to the company for not passing the benefit of GST rate reduction on television sets to customers, the person cited earlier said.

The GST Council in December 2018 reduced tax rate on monitors and television sets of up to 32 inches to 18 percent from 28 percent.

The investigation arm of Central Board of Indirect Taxes and Customs has also sought documents of sales made by the company, the person said.

According to Section 171 of Central Goods and Services Tax Act, any reduction in the tax rate on goods or services or the benefit of input tax credit shall be passed on to customers through a commensurate reduction in prices.

The directorate is tasked with conducting investigation to collect evidence to determine whether the benefit of GST rate cut on products or input tax credit has been passed on to consumers.

A spokesperson for Samsung India said that the company reduced its sales price, according to GST reduction, with effect from Jan. 1. “We’re cooperating with DGAP on this matter,” the spokesperson said.―Bloomberg Quint

Click to comment

Notice: Undefined variable: user_ID in /home/cloudpanel/htdocs/ on line 49

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2021 TV Veopar Journal

error: Content is protected !!