Then Government of Goa on October 7th 2024 issued a notification regarding the empowerment of the Appellate Tribunal to Assess Price Reductions under GST. In a significant move aimed at enhancing transparency and fairness in the Goods and Services Tax (GST) framework, the Government of Goa has issued a notification that empowers the Principal Bench of the Appellate Tribunal to scrutinize the relationship between input tax credits and pricing of goods and services.
Key Provisions
- Empowerment of the Appellate Tribunal: The Principal Bench of the Appellate Tribunal constituted under sub-section (3) of Section 109 of the CGST Act, is now authorized to examine whether the input tax credits availed by registered persons have genuinely led to a reduction in the prices of goods and services.
- Focus on Pricing: The core of this initiative is to ensure that any financial advantages received by businesses from tax adjustments are reflected in the prices charged to consumers. It aims to protect consumer interests by preventing unjustified price increases.
The Principal Bench of the Appellate Tribunal constituted under sub-section (3) of Section 109 of the CGST Act include:
The National Bench of the Appellate Tribunal shall be situated at New Delhi which shall be presided over by the President and shall consist of one Technical Member (Centre) and one Technical Member (State).
Effective Date: This notification will come into force on October 1, 2024
