NAA: Electronics Mart guilty of not passing on 10% tax rate-reduction benefit on LED TVs

NAA holds Electronics Mart (Respondent) guilty of profiteering u/s 171(1) of the CGST Act, by not passing on the benefit of tax rate reduction from 28% to 18% notified vide Notification no. 24/2018-CT dated December 31, 2018, to its customers in respect of 'LG LED 32 InchTV', thereby concurring with DGAP's calculation of profiteered amount to the tune of Rs. 34,34,008 with a direction to the Respondent to deposit the same with Welfare Funds; Observes that Respondent cann...