NAA: Directs re-computation of profiteering against Subway System's franchisee considering actual-price post rate-reduction

NAA directs Revenue to re-investigate the matter and re-compute the amount of profiteering alleged against a franchisee of M/s Subway Systems India Pvt. Ltd.; DGAP noticed that despite reduction in rate of tax from 18% to 5% w.e.f. November 15, 2017 vide Notification No. 46/2017-Central Tax (Rate), base price increased by 8.72% i.e. by more than what was required to offset the impact of ITC denial in respect of 241 items, hence, commensurate benefit of reduction in rate ...