Notification No. 18/2024 – CT: Cases of Anti-Profiteering

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Notification No. 18/2024 – Central Tax, issued by the Ministry of Finance (CBIC) on 30th September 2024, brings into effect provisions of the Finance (No.2) Act, 2024. It empowers the Principal Bench of the GST Appellate Tribunal to review whether businesses that claim input tax credit (ITC) or benefit from tax rate reductions are actually passing on these benefits to consumers.
📌 Stay compliant with expert GST advisory for hassle-free tax compliance.

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This notification aims to:
✔️ Ensure that businesses do not unfairly retain tax benefits at the expense of consumers.
✔️ Prevent profiteering by businesses availing ITC or benefiting from tax rate reductions.
✔️ Empower the Principal Bench of the GST Appellate Tribunal to conduct audits and assessments on pricing and tax adjustments.
📌 Need assistance with ITC claims and compliance? Consult Finodha’s GST experts.

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The notification comes into force on 1st October 2024. Businesses must ensure that their ITC claims and tax rate reductions align with pricing regulations to avoid legal scrutiny.
📌 Prepare for compliance before 1st October with Finodha’s GST specialists.

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The Principal Bench of the GST Appellate Tribunal is empowered to:
✔️ Examine whether businesses that claim ITC or reduced tax rates have passed on benefits to customers.
✔️ Review pricing structures of goods and services to detect any unjustified profit retention.
✔️ Take action against businesses engaging in profiteering practices.
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The following categories of businesses must take note:
✔️ Businesses availing Input Tax Credit (ITC).
✔️ Entities benefiting from GST tax rate reductions.
✔️ Retailers, manufacturers, and service providers required to pass on tax benefits to consumers.
📌 Check if your business is affected with Finodha’s expert compliance assessment.

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✔️ Maintain clear records of ITC claims and tax rate reductions.
✔️ Review and adjust pricing to reflect tax benefits passed on to consumers.
✔️ Ensure all financial statements and invoices support compliance.
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If a business fails to pass on tax benefits, the GST Appellate Tribunal may:
🚨 Order refunds to affected consumers.
🚨 Impose penalties for profiteering practices.
🚨 Initiate legal proceedings in severe cases.
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You can read the official notification on:
✔️ CBIC Website: https://www.cbic.gov.in
✔️ GST Portal: https://www.gst.gov.in
✔️ Finodha’s GST updates section for simplified breakdowns.
📌 Get latest GST updates at Finodha.

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Businesses applying for new GST registration must:
✔️ Ensure compliance with ITC and tax reduction rules from the start.
✔️ Maintain accurate records of tax adjustments and pricing structures.
✔️ Be aware that future audits may verify their compliance.
📌 Register for GST hassle-free with Finodha.

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✅ Expert GST consultation to navigate the new compliance requirements.
✅ Seamless GST return filing ensuring accurate ITC claims.
✅ Audit preparation and defense to protect businesses from penalties.
✅ Regular updates and advisory services to keep businesses informed of regulatory changes.
📌 Book a GST consultation with Finodha and stay ahead of compliance changes!

🚀 Notification No. 18/2024 – Central Tax empowers the GST Appellate Tribunal to scrutinize ITC claims and tax rate reductions, ensuring that businesses pass on tax benefits to consumers. To avoid penalties and legal scrutiny, businesses must adjust pricing structures, maintain records, and seek professional compliance guidance.
📌 Need expert GST guidance? Finodha is here to help! 🚀