Anti-profiteering is a method by which a person gains profit by taking undue advantage of an event. It may happen that the actual price of the goods or services is cheap but to gain extra profit from it, the provider is charging way more than the actual amount. The concept of what is anti profiteering law is simple and everyone should be aware of it. Let me explain it here in this answer.
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What is anti profiteering GST in real estate?
GST stands for Goods and Service tax. Any decrease in the rate of tax on any goods or service must get passed to the recipient by way of commensurate reduction in prices as well. If the recipient does not get any reduction and pays a higher price than expected, the seller will be charged for anti profiteering in GST as well.
In which Act are the anti profiteering rules for real estate stated?
The rule for real estate for anti profiteering is clear and stated in Section 171(1) of the CT Act. I hope you have understood both the anti profiteering clause in real estate and in which section you can find it.
This is a great initiative of the government to ensure that the prices of goods or services remain checked. It also helps to know whether a business is taking an undue advantage or profit from anything or not.
I hope the concept of what is anti profiteering law is clear to you now.
Read More:How does GST work?
How many types of GST in India?
What are the documents needed to certify cost of construction/purchase for calculation of profit?
What is Anti Profiteering Law?
Saiful
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2022-12-29T21:35:10+00:00 2023-01-04T12:40:58+00:00Comment
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